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Insurance Regulation Common Standards and Improved Coordination Needed to Strengthen Market Regulation

By General Accounting Office

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Book Id: WPLBN0000149464
Format Type: PDF eBook
File Size: 1.1 MB
Reproduction Date: 2005

Title: Insurance Regulation Common Standards and Improved Coordination Needed to Strengthen Market Regulation  
Author: General Accounting Office
Volume:
Language: English
Subject: Government publications, Accountability in government, United States. General Accounting Office
Collections: Government Library Collection, Government Accountability Integrity Reliability Office Collection
Historic
Publication Date:
Publisher: United States General Accounting Office (Gao)

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Office, G. A. (n.d.). Insurance Regulation Common Standards and Improved Coordination Needed to Strengthen Market Regulation. Retrieved from http://www.worldlibrary.in/


Description
Government Accountability Integrity Reliability Office Collection

Excerpt
Excerpt: Market conduct regulation-oversight of insurance company practices such as selling and underwriting policies-is the responsibility of the same state agencies that oversee insurance companies? financial solvency. Unlike financial regulation, however, with its nationwide standards that allow for coordination among state regulators, no generally accepted standards exist for market conduct regulation. While all states do some kinds of market regulation, including issuing licenses and responding to consumer complaints, two key tools-market analysis and on-site examinations-are used inconsistently, if at all. The result is inconsistent and often spotty coverage from state to state and potential gaps in consumer protection. Formal and rigorous market analysis, which could be used to determine which companies to examine and how broad the examination should be, is in its infancy among state regulators, and states that do perform examinations vary widely in the way they choose companies to examine and the scope of the examinations they conduct. These inconsistencies in performing market conduct examinations make it difficult for the states to depend on each other for regulation, leaving each state with the virtually impossible task of examining every company within its borders. And with each state conducting its own examinations, some insurance companies find themselves undergoing simultaneous examinations by several states, while other companies may not be examined at all.

 

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