From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More
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Key insurance regulations
From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More
Key insurance regulations
- [Narrator] Regulation is the backbone of the insurance industry, ensuring fairness, solvency, and consumer protection. Insurance regulation has evolved over decades to address the industry's unique risks and complexities. Some key legislative milestones include the 1945 McCarran-Ferguson Act, which affirm that insurance regulation would primarily occur at the state level, and granted states the authority to oversee insurance companies. We also had the 1999 Gramm-Leach-Bliley Act, which introduced data privacy rules requiring insurers to protect sensitive customer information. And of course, we had the Affordable Care Act of 2010, or ACA. While this focused on health insurance, the act did introduce market reform requirements like eliminating preexisting condition exclusions, and it introduced minimum loss ratio requirements. In the United States, insurance is regulated at the state level. Each state has it's own department of insurance responsible for licensing insurers, reviewing…
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