RULES...they are changing
Excerpt from the book,"Policy Ensurance" -- http://www.disasterprepared.net/contents.html
While emergency communications are essential in time of crisis, there is little if any focus on the insurance industry's role and lack of meaningful information available to policyholders as well as to adjusters. Basic information should reach the insuring public and adjusters alike. Most policyholders have not had access to fundamental insurance claim rights and information, not to mention insurance company timely obligations, responsibilities, and recovery rules that help to meet what consumers have come to expect. The same can be said of adjusters who lack information to guide them towards that end.
It not only helps to have rights and rules, where are we without them? There are many changes in unfair claim settlement rules and standard policy wording:
Full article in the book, "Policy Ensurance"
National Association of Insurance Commissioners: It coordinates and standardizes the activities of the various states. Its chief
purpose is "to protect interests of policyholders." It is also the N.A.I.C. 's function to
ensure adequate regulation of the insurance industry. It was formed as part of the
legislative changes brought about by the McCarran Act in 1945. The McCarran Act was
brought about as a result of the 1942 case, United States v. South-Eastern Underwriters
Association, in which the federal government contended that insurance companies were
in violation of the Sherman Antitrust Act, and in 1944, the U.S. Supreme Court agreed.
The National Association of Insurance Commissioners proposed a series of rules that
allowed insurance companies to remain exempt from the Sherman Antitrust Act on the
condition that each state maintain regulatory standards, as it still exists today. Nevada
Senator McCarran introduced this legislation which was also known as Public Law 15
and is part of Title 15, Commerce and Trade Code. This enacted law ensconced
insurance companies and makes them exempt from the Sherman Antitrust Act , the
Clayton Act and the Federal Trade Commission Act (federal anti-monopoly laws).
Because so many controls were swept aside in favor of state regulatory control it is paramount that each Insurance Commissioner is a true champion for policyholder interests and that laissez-faire policy is not the order of the day. Policyholders know very little about the commissioner selection process.
The National Association of Insurance Commissioners holds meetings at least twice each year, its offices are located at 2301 Mc Gee, Ste. 800, Kansas City, MO 64108, telephone (816) 842-3600.
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