Insurance Regulation
Why you need this course:
Because insurance is a business that affects the public, state governments are heavily involved in the regulation of the insurance industry. Regulators not only maintain and strengthen the integrity of the insurance industry, but also ensure insurer solvency and protect consumers. This course describes the role of the National Association of Insurance Commissioners (NAIC), explains how regulations govern the actions and practices of insurers in each state, summarizes how insurers and their actuaries develop insurance rates, describes the non-standard insurance market, and sums up the various pieces of legislation affecting the industry.
Upon successful completion of all seven modules in this course, you should be able to:
- Describe the purpose and activities of the National Association of Insurance Commissioners (NAIC).
- Explain how insurance rates are developed.
- Describe the objectives of rate regulation.
- Describe the different types of insurance rating laws.
- Explain how insurance regulators monitor insurers’ financial condition and protect consumers.
- Explain how the excess and surplus lines market meets the needs of various classes of business that are often unable to find insurance in the standard market.
- Summarize the historical and present-day effect on insurance regulation of the following court decisions, legislation passed, and legislation under review:
- U.S. Supreme Court decision in the South-Eastern Underwriters Association case
- McCarran-Ferguson Act
- Gramm-Leach-Bliley Act
- State Modernization and Regulatory Transparency Act (SMART Act)
We recommend that you study the modules in the order presented in the course.
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