Fundamentals of Insurance Regulation: The Rules and the Rationale (Paperback)
All regulatory systems are shaped by the subject matter they regulate, and insurance is certainly no exception. Providing a clear explanation and analysis of the complex state-based regulatory system that governs the U.S. insurance industry, Fundamentals of Insurance Regulation presents the applicable statutes, regulations, and judicial decisions, as well as information about the industry's products, its operating procedures, distribution channels, and financial characteristics and performance. To round out the picture the book describes the regulatory process--its core objectives, how and by whom policy is formulated, and how the rules are enforced. This enormous topic is presented on a manageable scale by using a combination of edited versions of key model laws developed by the National Association of Insurance Commissioners (NAIC), case law, and secondary materials. It also includes materials that reflect the increasing importance of international insurance rules. Each chapter provides an overview of the topic. Issues examined include: - The U.S. insurance regulatory system- The limits of state authority on insurers and the impact on competition- Rate setting and regulation- Solvency regulation- Secondary and alternative markets- Insurance intermediaries- Consumer protection - Preemption under the McCarran-Ferguson Act and the EU's insurance directives- Health insurance - The NAIC and the future of insurance regulation.
Raymond A. Guenter is a member of the faculty of Boston University School of Law's Morin Center for Banking and Financial Law Studies in Boston, Massachusetts, where he has taught Government Regulation of Insurance for the last 20 years. He is also of counsel to the Bergen Law Offices, L.L.C., Albuquerque, New Mexico, where he counsels client on a broad range of insurance issues. Elisabeth Ditomassi is a member of the faculty of Boston University School of Law's Morin Center for Banking and Financial Law Studies in Boston, Massachusetts. Currently she is Head of Compliance and Regulatory Affairs for North America for a large global insurer that offers specialty property and casualty coverages in the insurance and reinsurance markets worldwide and in Lloyd's markets throughout the world through its Lloyd's Syndicate.