Is Us Insurance Regulation Unconstitutional
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Author | : Daniel Schwarcz |
Publisher | : |
Total Pages | : 66 |
Release | : 2019 |
Genre | : |
ISBN | : |
Insurance regulation is ostensibly the primary domain of the states. In practice, however, the most important and powerful entity in insurance regulation is not a state at all, but a non-profit corporation known as the National Association of Insurance Commissioners, or NAIC. Much of the NAIC's power lies in its production of various “handbooks” and “manuals” that have the force of law because they are incorporated by reference in state insurance codes. Under this statutory scheme, when the NAIC updates or changes its various manuals, handbooks, or accounting forms, it also changes state insurance regulation. Because the NAIC is a private entity, it produces these various materials that have the force of law without being bound by any safeguards that ordinarily accompany the production of regulation, whether at the state or federal level. Moreover, the NAIC uses its unique accreditation program to directly pressure state legislatures to delegate this authority to it. This Article argues that this scheme violates basic separation of powers and non-delegation principles embedded in every state Constitution. Under any reasonable version of these principles, the delegation of state regulatory authority to a private entity that directly pressures legislatures to make this delegation and whose actions are not reviewable through any formal judicial or administrative process is unconstitutional. Recognizing this conclusion has the potential to improve state insurance regulation by increasing the accountability of state regulators and the NAIC. But it also carries the risk of undermining state insurance regulation by frustrating efforts to promote uniform national standards. However, the Article suggests that state legislatures can enact reforms that simultaneously remedy the unconstitutional structure of state insurance regulation while preserving the many practical benefits that flow from delegating production of regulatory standards to a single, national entity like the NAIC. In particular, they can establish through an interstate compact an entity that is truly independent from state insurance regulators and that is empowered to review the NAIC's production of regulatory materials that have the force of law.
Author | : Emerson H. Samuels |
Publisher | : |
Total Pages | : |
Release | : 1935 |
Genre | : |
ISBN | : |
Author | : Richard G. Liskov |
Publisher | : Edward Elgar Publishing |
Total Pages | : 141 |
Release | : 2023-11-03 |
Genre | : Law |
ISBN | : 1035314797 |
Offering an innovative and experience-based perspective, Richard G. Liskov’s erudite treatise provides a comprehensive overview of the basic principles and procedures for how state insurance regulators in the US supervise a crucial sector of the economy. The book not only explores the theoretical dimensions of insurance regulation, but also presents practical insights and guidance for dealing with the main US insurance regulatory issues.
Author | : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises |
Publisher | : |
Total Pages | : 104 |
Release | : 2003 |
Genre | : Casualty insurance |
ISBN | : |
Author | : United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopolies, and Business Rights |
Publisher | : |
Total Pages | : 360 |
Release | : 1992 |
Genre | : Law |
ISBN | : |
Author | : Martin Francis Grace |
Publisher | : Brookings Institution Press |
Total Pages | : 248 |
Release | : 2009 |
Genre | : Business & Economics |
ISBN | : |
"Enhances research and informs the debate on restructuring the framework for U.S. insurance regulation. Evaluates proposed legislation to create an Optional Federal Charter for insurance companies and agents. Also goes beyond discussion of OFC and lays out the broader context and need for regulatory reform in the insurance industry"--Provided by publisher.
Author | : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs |
Publisher | : |
Total Pages | : 476 |
Release | : 2010 |
Genre | : Insurance |
ISBN | : |
Author | : United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust, Monopoly, and Business Rights |
Publisher | : |
Total Pages | : 44 |
Release | : 1979 |
Genre | : Insurance |
ISBN | : |
Author | : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises |
Publisher | : |
Total Pages | : 208 |
Release | : 2003 |
Genre | : Insurance |
ISBN | : |
Author | : Joseph F. Zimmerman |
Publisher | : State University of New York Press |
Total Pages | : 203 |
Release | : 2010-12-09 |
Genre | : Business & Economics |
ISBN | : 143843359X |
In Regulating the Business of Insurance in a Federal System, Joseph F. Zimmerman provides an up-to-date historical description and analysis of the regulation of the business of insurance in the United States. He focuses on the controversial issue of whether Congress should authorize optional federal charters for insurance companies, thereby establishing a dual charter system superficially similar to the dual banking system. Reviewing the evidence between federal and state level regulation of the financial securities industry, Zimmerman finds that federal regulation falls woefully short of its state counterpart. He concludes that the current system, rather than the proposed dual insurance regulatory system, is the most efficient and effective.