RULES...they are changing
Excerpt from the book,"Policy Ensurance" -- http://www.disasterprepared.net/contents.html
Comparison of NAIC Model Regulations
Both the N.A.I.C Unfair Claims Settlement Practices Model Regulation (previous model) and the NAIC Unfair Property/Casualty Claims Settlement Practices Model Regulation (current model), property sections, were reprinted by permission of the National Association of Insurance Commissioners. The two are included for reference so policyholders are aware of the rules' changes.
Full article in the book, "Policy Ensurance"
National Association of Insurance Commissioners: The N.A.I.C. 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 N.A.I.C. Unfair Claims Settlement Model Regulation was replaced by the NAIC Unfair Property/Casualty Claims Settlement Practices Model Regulation; property sections of both can be found here for reference and comparison. 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.
© 1994-2011 Antone P. Braga
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
