One of the most common challenges that compliance professionals face is how to justify rates for a new program or coverage to the state insurance department’s satisfaction.Read More
One of the least-reported-on but crucial-to-the-insurance-industry lobbying efforts relates to increased federal regulation of insurance.
In 1945, Congress expressly acknowledged that regulation of “the business of insurance” was best left to the individual states. Since that time, the argument is regularly made that state regulation is “inefficient, costly and burdensome.” It is asserted that the 50+ individual jurisdictions a nationwide carrier has to work with represent a “patchwork” of rules and standards. This patchwork is an agonizingly difficult and redundant regulatory system, one that adds costs and denies consumers the creativity of the free market to quickly develop and market innovative insurance products.Read More