Download e-book for iPad: Insurance Regulation in the United States: an Overview for by Peter Lencsis
By Peter Lencsis
The assurance company within the usa at present includes nearly 1,700 existence and medical insurance businesses and 3,300 property-casualty insurance firms. even if lots of those businesses are more often than not owned and guy- elderly in ‘‘groups,’’ the variety of separate coverage underwriting agencies remains to be very huge compared to so much different international locations. As of 1995, those insurers’ mixed resources have been $2.9 trillion, and their overall charges of $820 billion have been the identical of virtually eleven percentage of the gross household fabricated from $7.2 trillion. as well as the insurers themselves, there are a mess of similar companies and professions, together with organisation and brokerage operations; actuar- ial, felony, and accounting capabilities; and claims adjusting, consulting, adminis- tration, and so forth. overall employment within the usa coverage is envisioned at 2.2 million members.
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Additional resources for Insurance Regulation in the United States: an Overview for Business and Government
Law Sec. 7434(d) (surplus distributed to policyholders who were such for five years previous to cessation of issuance of policies). 6. Y. Ins. Law Sec. 107(a)(37) and Sec. 6101 et seq. 7. Id. Sec. 107(a)(1). 8. Y. Ins. Law Sec. 4103(a). 9. Id. Sec. 1201(a). 10. Id. 11. Id. Subsection (a)(3). 12. Id. Subsection (a)(6). 13. Y. Ins. Law Sec. 1102(d). 14. Id. Sec. 4116. 15. Id. Sec. 4210(b)(3). 16. Id. Sec. 4210(c)-(m). 17. A. 17B:18–18 et seq. 18. Y. Public Health Law Sec. 4406. 19. Y. Ins. Law Sec.
Each state’s insurance law requires licensed insurers to complete and file such a report annually, usually by the first day of March, on the basis of their financial condition as of the preceding December 31. ) The purpose of the annual statement is full disclosure of the insurer’s financial condition to regulators and the public, including all existing and potential policyholders, agents and brokers, ceding and assuming reinsurers, and other interested persons. ) Annual statements, prepared in accordance with statutory accounting principles (see Chapter 5), are submitted to regulators for scrutiny, and at the same time they become public documents which open a large part of insurers’ internal operations and external relationships to public view.
1103. 29. Id. Sec. 1104(a). 30. Ill. Ins. Code Sec. 119(2). 31. Y. Ins. Law Sec. 1104(a). 32. Id. Sec. 1105. 33. Id. 5 Insurers’ Assets, Reserves, and Investments STATUTORY ACCOUNTING PRINCIPLES (SAP) VERSUS GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) The principles of accounting that apply to most businesses are referred to as ‘‘generally accepted accounting principles,’’ or GAAP. With respect to the statutory regulation of insurance companies, however, GAAP accounting is not used because different principles are required by statute.
Insurance Regulation in the United States: an Overview for Business and Government by Peter Lencsis