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The first state commissioner of insurance was appointed in New Hampshire in 1851 and the state-based insurance regulatory system grew as quickly as the insurance industry itself. [4] Prior to this period, insurance was primarily regulated by corporate charter, state statutory law and de facto regulation by the courts in judicial decisions.
Delay, Deny, Defend is a critical exploration of the property and casualty insurance industry, examining how its practices affect policyholders.Feinman, a law professor specializing in consumer rights and insurance law, argues that the industry prioritizes profits over policyholders' needs, often using tactics like delaying or denying legitimate claims to bolster financial performance.
State Farm Mutual Automobile Insurance Co. v. Campbell, 538 U.S. 408 (2003), was a case in which the United States Supreme Court held that the due process clause usually limits punitive damage awards to less than ten times the size of the compensatory damages awarded and that punitive damage awards of four times the compensatory damage award is "close to the line of constitutional impropriety".
Motor Vehicle Manufacturers Association v. State Farm Mutual Automobile Insurance Co., 463 U.S. 29 (1983), commonly known in U.S. administrative law as State Farm, is a United States Supreme Court decision concerning regulations requiring passive restraints in cars.
An insurance company has many duties to its policyholders. The kinds of applicable duties vary depending upon whether the claim is considered to be "first party" or "third party." Bad faith can occur in either situation—by improperly refusing to defend a lawsuit or by improperly refusing to pay a judgment or settlement of a covered lawsuit.
As the head of the agency, the insurance commissioner oversees the state's insurance business and carry out the responsibilities of the agency. The current commissioner is James A. Dodrill who was appointed by Governor Jim Justice and went effective on March 4, 2019.
The CDI has authority over how the insurance industry conducts business within California, and licenses and regulates the rates and practices of insurance companies, agents, and brokers in the state. Continuing education for insurance professionals is regulated by each state's Department for Insurance, although there are commonalties across the ...
In addition, the department examines the financial soundness of insurance companies, as well as investigates consumer complaints and insurance fraud. The department also determines if services and benefits offered by companies are consistent with insurance policy provisions and Ohio law, reviews and approves more than 6,200 company filings per ...