Abstracts » Insurance

Making correct assumptions

Article Abstract:

A proposed model law is designed to reduce abuses related to assumption reinsurance transactions, but critics believe that this law would hurt consumers. Assumption transactions allow insurance companies to transfer their policies to another company, which may not be able to meet policyholders' obligations. The proposed law, developed by the National Assn of Insurance Commissioners, requires both insurers in an assumption reinsurance transaction to obtain approval from their state insurance commissioners.

Analysis, Reinsurance, Industry regulations, Government regulation of business, Trade regulation

---

The year of the consumer

Article Abstract:

The National Association of Insurance Commissioners (NAIC) is increasing efforts to protect the insurance consumer. Proposals to set standards for state regulation of insurance, to develop risk-based capital requirements for insurers, to improve regulation of the guaranty fund system and to eliminate insurance fraud have involved much political and legal effort. NAIC is also striving to improve consumer education by publishing, and helping state insurance departments to publish, insurance information.

Insurance, Insurance reserves

---

The year of the consumer

Article Abstract:

The National Association of Insurance Commissioners' (NAIC) focus for 1992 will be on consumer protection rules and regulations. The organization will lobby Congress for new tougher laws concerning insurance company solvency and insurance fraud. The NAIC will also increase the rate it reviews states for NAIC certification. Consumer education will be addressed through the use of NAIC brochures.

Political activity, Customer relations, Consumer education

Some parts © 2012 Advameg, Inc.