Fundamentals of Insurance Regulation: The Rules and the Rationale

(Paperback)

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Providing an explanation of the complex state-based regulatory system that governs the insurance industry in the United States, this book presents the applicable statutes, regulations, and judicial decisions, as well as information about the industrys products, procedures, and performance.

For ease of reference, each of the 13 chapters in Fundamentals of Insurance Regulation begins with an introduction or overview that previews the material covered in the chapter. The authors examine and explain these overarching aspects of insurance regulation:

• The three major components of the insurance business: the property/ casualty industry, the life insurance and annuity industry, and the increasingly important health insurance industry
• An overview of the U.S. insurance regulatory system, outlining its objectives, what products it covers, how and by whom regulatory policy is formulated, and a synopsis of the major subject areas of insurance regulation. The rules that govern a specific area of state insurance regulation, including: the organization and licensing of insurance companies; rate-setting; solvency regulations and the mechanisms involved when the regulations dont work; reinsurance; surplus lines; residual and alternative markets; insurance agents and other intermediaries; and devices to protect the consumer
• Federal rules and the interaction between federal and state insurance law and regulation, including the McCarron-Ferguson Act, Dodd-Frank, and Gramm-Leach-Bliley

Author Bio

Raymond Guenter is a member of the faculty of Boston University School ofLaws Morin Center for Banking and Financial Law Studies, where he has taughtGovernment Regulation of Insurance for the last 20 years. He has also taughtBanking Law and Regulation as a lecturer-in-law at the University Of ConnecticutSchool Of Law. He has been of counsel to the Bergen Law Offices, L.L.C., Albuquerque, NewMexico, for the past 13 years. During 10 years of that association, the Bergen firmrepresented Amerind Risk Management, a risk pool organized under 12 U.S.C.477, that offers a variety of insurance products to over 250 Indian tribes, theirhousing authorities and tribal businesses as well as to individual tribal members.The firm has provided counsel on a broad range of insurance issues includinginsurance defense work, development of policy forms, corporate structure andthe application of federal, state and tribal insurance regulations. He served as Executive Vice President and General Counsel of ShawmutNational Corporation, a regional bank holding company, from 1976 until 1994.He is a member of the Executive Committee of the Connecticut Bar AssociationsFinancial Institutions Section and is a member and past Co-Chair of theBoston Bar Associations Banking Law Committee.He is a Phi Beta Kappa graduate of Syracuse University, and received hisLL.B. degree from Harvard Law School. Publications include: The Insurance Industry and Its Products, ABA-CLE programon Insurance Regulation, November 8, 2001; Rediscovering The McCarran-Ferguson Acts Commerce Clause Limitation, 6 Connecticut Insurance Law Journal255 (2000); Bank Insurance PowersYesterday, Today and Tomorrow, 17 AnnualReview of Banking Law 351 (1998), cited in Bay State Savings Bank v. BaystateFinancial Services, LLC., 484 F Supp. 205 (2007), Goldstein v. Savings Bank Life Ins.Co. of Massachusetts, 21 Mass. L. Rptr. 204 (2006) and Bay State Savings Bank v. BayState Financial Services, LLC, 338 F. Supp. 2d 181 (2004); and The Lance LegacyTitleVIII of the Financial Institutions Regulatory and Interest Rate Control Act of 1978, 96Banking Law Journal 292 (1979). Elisabeth Ditomassi is a member of the faculty of Boston University School ofLaws Morin Center for Banking and Financial Law Studies, where she has taughtGovernment Regulation of Insurance since 2008. Currently she is Head of Compliance and Regulatory Affairs for NorthAmerica for a large global insurer. The insurer offers specialty property andcasualty coverages in the insurance and reinsurance markets worldwide and inLloyds markets throughout the world through its Lloyds Syndicate. Prior to thisposition, she acted in a similar capacity for another global specialty lines insurer,where she further served as the groups Global Compliance Head, overseeingregulatory activities in 10 countries through the Lloyds market. Elisabeth previously spent seven years as a Deputy Commissioner and GeneralCounsel for the Massachusetts Division of Insurance where she served threecommissioners. One of the highlights of her tenure as a regulator included theperiod when the division successfully converted the countrys last remaining fix-and-establish private passenger automobile market to a competitive market. Shealso presided over or supervised all major financial transactions that came beforethe division, including mergers and acquisitions and reddomesticationsof insurancecompanies in addition to advising on the Massachusetts Health Care ReformAct which became the blueprint for the federal Affordable Care Act. She spent the early part of her legal career litigating commercial disputes inFox, Horan, Camerini, LLP in New York and prosecuting public corruption caseswithin in the Office of the Attorney General of Massachusetts. Elisabeth was appointed by the Massachusetts Supreme Judicial Court to afour-year term as a member of the Massachusetts Board of Bar Overseers in 2009.The Board oversees administrative disciplinary actions brought against Massachusettsattorneys charged with misconduct. Currently, she is a member of The Boston Club, which is one of the mostcomprehensive associations of executive women and leaders in the Northeast.The clubs primary mission is to promote the advancement of women in leadershiproles. She is a graduate of Tufts University and received her Juris Doctor from theBoston University School of Law. Elisabeth speaks on conference panels several times per year on such insuranceissues as global regulatory convergence, emerging trends in insurance regulation,federal versus state regulation, and corporate governance.