Growing Like Weeds: A Survey of Federal Regulations and Issues Impacting the Insurance Industry
Duration: 145 minutes
Whether you’re in good hands, are a good neighbor, buy from the Gecko or the General, go with Flo or have Nationwide on your side, one of the constant truths in our world is that nothing happens without insurance. You can’t drive a car, buy a house, start a business, invest your money, go to a sporting event, take a vacation or pretty much do anything without the involvement of insurance in some way or another. The necessity of insurance is universal.
The all-consuming “business of insurance” was initially regulated in this country by individual state authority. In fact, there was a time when the Federal government was prohibited from being involved in the regulation of insurance. However, all that changed in the mid-20th century when Congress enacted the McCarran-Ferguson Act in response to a Supreme Court ruling allowing Federal regulation of insurance. While McCarran-Ferguson ostensibly sought to delegate primary regulatory responsibility to the states, a crack was opened when McCarran-Ferguson allowed Federal enactments expressly intended to regulate the “business of insurance.”
From this crack came an incredible growth in federal regulation. Most recently, in response to the country’s financial turmoil of the 1990s and early 2000s, federal regulations exploded so fast that they were described as “growing like weeds.” The passage of the Dodd-Frank Act in 2010 spawned a myriad of regulatory agencies, oversight committees, and advisory groups at the Federal level to supervise and monitor the comprehensive and complicated structure of Federal regulation over the “business of insurance.”
While the complex array of these state and federal regulations are often confusing and confounding, experts Richard Fidei and Karen Yotis are here to help you navigate through this field. They will help you to better understand:
- The Growth and Development of the Legislative and Regulatory Scheme of State and Federal Regulation of Insurance
- The National-State Confluence of Dual Regulation that Creates Multi-tiered and Conflicting Compliance Obligations for Insurers
- The alphabet soup of NARAB II, TRIPRA, NFIP, HUD Disparate Impact Rule
- The Patient Protection & Affordable Care Act, better known as ObamaCare
With the expert guidance of attorneys Fidei and Yotis, you can properly prepare yourself and your clients to walk through the ever-expanding field of insurance regulation without tripping over any unseen weeds along the way.
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