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Insurance

Insurance

insurance

IIPRC STATUTES

Insurance FormsStates are committed to pursuing modernization of state insurance regulation and they are adopting a streamlined system of product regulation over four product lines: life insurance, annuities, disability income, and long-term care insurance to allow insurers to market insurance products more quickly since they will not have to meet state-specific standards.

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FIO FEDERAL INSURANCE REPORT

The Federal Insurance Office (FIO) delivered the past due report, "How to Modernize and Improve the System of Insurance Regulation in the United States," on Dec. 12, 2013. The report was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The report looks at all segments of the industry except health insurance and offers recommendations to modify the present state-based regulatory structure, and suggestions for federal involvement.

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LIFE INSURANCE RESERVES

Insurance Claim Form ImageModernizing life insurance reserve formulas has been challenging for regulators and policymakers. The article, Preserving Reserves, in the April issue discusses the arguments for and against adopting principles-based reserving.

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IIPRC 2013 LEGISLATION

Since meeting its operational threshold in May 2006, the IIPRC now has 41 member states representing approximately two-thirds of the premium volume nationwide. In the 2013 legislative session, seven bills in five states are pending regarding the IIPRC.

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OVERVIEW | INSURANCE

Insurance provides financial security for people and organizations against unforeseen events. State regulation of insurance protects consumers and ensures the safety and soundness of insurance companies. There are many categories of insurance. These include property and casualty (P/C) insurance for individuals (auto and home insurance), P/C commercial lines (general property and liability, workers' compensation, medical malpractice, life insurance and other investment-oriented insurance (annuities, disability income, long-term care insurance) and health insurance.

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