Modernizing Insurance Regulation

The future of the insurance regulation begins now For those involved with the insurance industry, from investmentprofessionals to policy makers, and regulators to legislators,tremendous change is coming. With insurance premiums constitutingan ever-growing portion of annual U.S. GDP and provisions of theDodd-Frank Act specifically calling for modernization of insuranceregulations, the issues at hand are pervasive. In ModernizingInsurance Regulation, these issues are described against abackdrop of the political and industry discussions that surroundinsurance, regulation, and systemic risk. Experts Viral V. Acharyaand Matthew Richardson discuss a variety of issues with topthinkers in the fields of finance, derivatives, credit risk, andbanking to bring to light the most germane elements of this ongoingdiscussion. In Modernizing Insurance Regulation, Acharya andRichardson call on the expertise of all the relevant stakeholderswithin government, academia, and industry to offer a well-roundedand independent view of insurance regulation and how the evolutionof this key industry affects the U.S. economy now and in thefuture. Provides an overview of the feasibility of maintaining astate-level regulatory structure Offers a view of the issues from top academics, industryleaders, and state regulators Explores the debate surrounding the insurance industry andsystemic risk Provides an in-depth look at upcoming changes under theDodd-Frank Act Modernizing Insurance Regulation provides a look into thecrucial changes coming to insurance regulation and an overview ofhow those changes will affect almost everyone.

Perspectives on modernizing insurance regulation : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Eleventh Congress, first session, on examining the state of the insurance industry, reviewing how insurance is regulated and working to modernize the regulatory structure, March 17, 2009.

Perspectives on modernizing insurance regulation: hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Eleventh Congress, first session, on examining the state of the insurance industry, reviewing how insurance is regulated and working to modernize the regulatory structure, March 17, 2009.

This book examines policy developments that have been occurring in the field of financial regulation and their implications for the insurance industry and markets. With UK and US contributors from academia and legal practice, this book will be essential reading for policy-makers, insurance regulators, insurance and legal professionals as well as students and academics researching and studying insurance law.

The insurance sector is a significant part of the U.S. economy (with one estimate putting it at 7 percent of GDP) and an essential asset protection tool for American families and businesses. This book details strengths and weaknesses of current insurance regulatory systems (prudential and marketplace), providing considerations for determining where and how to modernize, and offering a way forward to increase the effectiveness of insurance oversight in the United States. Insurers operating in the United States rely on reinsurers, both foreign and domestic, to support the issuance of new policies, to minimize fluctuations in loss experience, and to limit and diversify individual and portfolio risks, particularly in the case of catastrophes and natural disasters. This book also summarizes the history of reinsurance as a product and an industry, and outlines the various important functions of reinsurance. The book emphasizes that global reinsurers are vital to U.S. insurers and thus important for the general economic prosperity of the United States, including through enhanced availability and affordability of insurance.