How Insurance Laws are Made: The NAIC and State Adoption of NAIC Model Laws : Hearing Before the Subcommittee on Antitrust, Monopolies, and Business Rights of the Committee on the Judiciary, United States Senate, One Hundred Second Congress, First Session ... April 9, 1991, Volume 4 |
Other editions - View all
Common terms and phrases
actuarial adopted Advisory Committee American Insurance Association annual statement annuities assets Association of Insurance California Chairman Charge consumer representatives Curiale Earl Pomeroy Executive federal Financial Examiners Financial Regulation Financial Regulation Standards Florida George McGann George Neumayer guaranty fund health insurance Illinois implementation industry representatives Insurance Commissioners Insurance Company Insolvencies insurance departments insurance industry insurance regulation investment issues Jim Long Jim Schacht John Garamendi junk bonds laws and regulations legislatures market conduct Maryland McCartney Medicare Medigap Mission Statement Model Act model laws model legislation Model Regulation Monitor mortgages NAIC model laws NAIC's NCSL Nebraska North Carolina North Dakota percent policyholders Pomeroy premium tax problems property and casualty real estate recommendations regulatory Rehabilitation and Liquidation Reinsurance requirements Salvatore Senator METZENBAUM Senator Wesely solvency solvency regulation SSO Staff Support SSO Support Staff subcommittee surance TASK FORCE Cont'd Texas Tom Gallagher Vice Chair Virginia York
Popular passages
Page 224 - AIA ALSO WISHES TO AVOID THE CREATION OF A REGULATORY SYSTEM THAT IS LESS EFFECTIVE OR LESS EFFICIENT THAN WHAT IS CURRENTLY IN PLACE. IN ADDITION TO IDENTIFYING SPECIFIC PROBLEMS THAT SHOULD BE SOLVED. DURING THE COURSE OF OUR DELIBERATIONS. WE HAVE IDENTIFIED FOUR DESIRABLE FEATURES THAT SHOULD BE INCLUDED IN ANY ENHANCED SYSTEM OF INSURANCE REGULATION. THESE INCLUDE THE FOLLOWING: -101 - REMOVING IMPEDIMENTS TO THE FREE FLOW OF CAPITAL RECENT PUNITIVE INSURANCE LEGISLATION HAS COMBINED UNWARRANTED...
Page 310 - Model Regulation on Unfair Discrimination in Life and Health Insurance on the Basis of Physical or Mental Impairment...
Page 213 - CONSISTENT WITH THEIR INTEREST IN PREVENTING INSOLVENCIES. AIA COMPANIES ALSO HAVE AN INTEREST IN MINIMIZING THE TIME AND EXPENSE OF HAVING TO COMPLY WITH REGULATORY REQUIREMENTS THAT MAY DIFFER FROM STATE TO STATE. WE BELIEVE THAT THE INDUSTRY AND THE PUBLIC WOULD BENEFIT FROM A MORE EFFICIENT AS WELL AS A MORE EFFECTIVE REGULATORY SYSTEM. FINALLY, OUR MEMBERS WISH TO AVOID ANY DECLINE IN THE PUBLIC'S CONFIDENCE IN THE INSURANCE INDUSTRY, CAUSED BY A PERCEIVED SOLVENCY CRISIS. THE RECENT SAVINGS...
Page 296 - ... maintain a balance between the need for information by those conducting the business of insurance and the public's need for fairness in insurance information practices...
Page 217 - EFFECT PAY THE COSTS WHEN THE REGULATORY SYSTEM IS UNABLE TO PREVENT INSOLVENCIES. SECOND, FOR REASONS WHICH I WILL DISCUSS LATER IN MORE DETAIL, AIA COMPANIES ARE CONCERNED THAT ADVERSE LEGISLATIVE, REGULATORY, AND JUDICIAL DEVELOPMENTS MAY BE INCREASING THE RISK OF FUTURE INSOLVENCIES, PARTICULARLY FOR INSURERS WRITING CERTAIN COMMERCIAL COVERAGES. THIS IS ESPECIALLY TROUBLESOME...
Page 281 - The purpose of these rules is to set forth minimum standards and guidelines to assure a fall and truthful disclosure to the public of all material and relevant information in the advertising of life insurance policies and annuity contracts. -Section H. Definitions For the purpose of these rules: L "Advertisement...
Page 213 - Association, whose membership of 138 insurance companies writes all lines of property and casualty insurance throughout the United States.
Page 217 - AIA COMPANIES ARE CONCERNED THAT ADVERSE LEGISLATIVE, REGULATORY, AND JUDICIAL DEVELOPMENTS MAY BE INCREASING THE RISK OF FUTURE INSOLVENCIES, PARTICULARLY FOR INSURERS WRITING CERTAIN COMMERCIAL COVERAGES. THIS IS ESPECIALLY TROUBLESOME FOR AIA MEMBER COMPANIES, WHICH REPRESENT ABOUT FORTY PERCENT OF THE MARKET FOR THE COMMERCIAL LINES OF INSURANCE.
Page 230 - THANK YOU FOR THIS OPPORTUNITY TO SHARE AIA'S VIEWS ON THIS SIGNIFICANT SUBJECT. I WOULD BE GLAD TO ANSWER YOUR QUESTIONS.