Insurance regulation in the United States : an overview for business and government

The insurance business in the United States currently comprises approximately 1,700 life and health insurance companies and 3,300 property-casualty insurance companies. Although many of these companies are commonly owned and man- aged in ‘‘groups,’’ the number of separate insurance underwriting enterprises is still very large in comparison to most other countries. As of 1995, these insurers’ combined assets were $2.9 trillion, and their total premiums of $820 billion were the equivalent of almost 11 percent of the gross domestic product of $7.2 trillion. In addition to the insurers themselves, there are a multitude of related businesses and professions, including agency and brokerage operations; actuar- ial, legal, and accounting functions; and claims adjusting, consulting, adminis- tration, and the like. Total employment in the United States insurance industry is estimated at 2.2 million individuals. 1. Historical Background -- 2. State Versus Federal Insurance Regulation -- 3. Formation And Organization Of Insurers -- 4. Licensing Of Insurers -- 5. Insurers' Assets, Reserves, And Investments -- 6. Annual Statements And Periodic Examinations -- 7. Rates And Rating Organizations -- 8. Insurance Contracts -- 9. Assigned Risk Plans And Other Residual Market Mechanisms -- 10. Agents, Brokers, And Other Representatives -- 11. Holding Companies And Corporate Changes -- 12. Non-admitted Insurers And Other Risk Management Alternatives -- 13. Insurer Insolvencies And State Guaranty Funds -- 14. Reinsurance -- 15. Trade Practices And Miscellaneous Regulations -- 16. State And Federal Taxation Of Insurers -- Afterword : The Future Of Insurance Regulation. Peter M. Lencsis. Includes Bibliographical References And Index. Insurance attorney Peter Lencsis provides a unique, objective description of the insurance regulatory system as it exists today in the United States.