Government regulation of insurance

Continued part 1, part 2 of ebook "The new financial architecture: Banking regulation in the 21st century" provides readers with contents including: banking trends and deposit insurance risk assessment in the twenty-first century; supervisory goals and subordinated debt; market discipline for banks; market discipline and the corporate governance of banks; message to basle; drafting land legislation for developing countries;...

139p tuongnhuoclan 27-11-2023 5 3   Download

This chapter’s objectives are to: Reasons for insurance regulation, historical development of insurance regulation, methods for regulating insurers, what areas are regulated?, state versus federal regulation, current problems and issues in insurance regulation.

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This chapter’s objectives are to: Present value analysis, net present value analysis of installation of sprinkler systems, select the optimal mix of risk retention and risk transfer, the deductible decision, the self-insurance decision,...

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(BQ) Continued part 1, part 2 of Principles and practices in business law (Ninth edition) has contents: Nature and types of negotiable instruments, rights and duties of parties, corporations and franchising, government regulation of business,... and other contents. Invite you to refer this document.

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Chapter 8 - Government regulation of insurance. In this chapter we will discuss: Reasons for insurance regulation, historical development of insurance regulation, methods for regulating insurers, what areas are regulated? state versus federal regulation, current problems and issues in insurance regulation.

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The FDIC does not insure safe deposit boxes or their contents. The FDIC does not insure U.S. Treasury bills, bonds or notes, but these investments are backed by the full faith and credit of the United States government. How much insurance coverage does the FDIC provide? The standard maximum deposit insurance amount is described as the “SMDIA” in FDIC regulations.

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Enterprise project office (EPO) is essentially a support for investment governance and has a strong demand-side role in ensuring the organisation’s investment decision-making will deliver the greatest benefit from the resources available. This includes involvement in organisation strategy development and project and programme identification as well as business cases for investment, resource planning and allocation. It should be able to optimise the allocation of resources to match business priorities, by having complete information on all projects – current and planned.

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Third, the responsibility for supervising the consolidated operations of large financial firms was split among various federal agencies. Fragmentation of supervisory responsibility and loopholes in the legal definition of a “bank” allowed owners of banks and other insured depository institutions to shop for the regulator of their choice. Fourth, investment banks operated with insufficient government oversight. Money market mutual funds were vulnerable to runs. Hedge funds and other private pools of capital operated completely outside of the supervisory framework.

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The resulting view, that financial markets can be subject to inherent instability, induces governments to intervene to provide depositor protection in some form or other. Explicit deposit insurance is one approach, while an explicit or implicit deposit guarantee is another. In either case, general prudential supervision also occurs to limit the risk incurred by insurers or guarantors. To control the incentives of bank owners who rely too heavily on government funded deposit insurance, governments typically enforce some control over bank owners.

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Despite the gatekeeper role that these scoring systems play regarding access to credit, housing, insurance, utilities, and employment, as well as pricing for those essentials, exactly how the formulas perform the transformation from credit report to credit score is a closely guarded secret. For consumers, regulators, and even industry participants who rely on the computations in their decision-making, the scoring models largely remain a “black box.

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The RBI operates the government bond market, and therefore acts as monetary authority and debt manager, as well as regulator of the government bond market and its key participants— primary dealers and banks. 6 Other participants are regulated by SEBI, the Insurance Regulatory and Development Agency (IRDA), or the Provident Fund regulator. New securities are issued by auction, with primary dealers required to participate. Trading is a mix of OTC bilateral negotiation and an order matching system.

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Historically, the Cocos plate boundary produced the 1985 Michoacan earthquake of magnitude 8.1 Mw Richter scale. It destroyed hundreds of buildings and caused thousand of deaths in Mexico City and other parts of the country. It is considered the most damaging earthquake in the history of Mexico City. The Mexican insurance industry officials estimated payouts of four billion dollars. In the last decades, other earthquakes have reached the magnitude 7.8 Mw Richter scale.

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FCRA and market-based cost estimates alike take into account expected losses from defaults by borrowers. However, because FCRA estimates use Treasury interest rates instead of market-based rates for discounting, FCRA estimates do not incorporate the cost of the market risk associated with the loans.

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The legal ramifications of breaches in data confidentiality and integrity can also be extremely costly for organizations. The US Government has enacted and is currently developing regulations to control the privacy of electronic information. In fact, there are currently approximately 50 bills before the US Congress related to the regulation of online privacy and security. The existing and pending regulations generally stipulate that organizations in violation could face a range of penalties.

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Mergers and acquisitions are generally governed by the Companies Act, 1956 and sector- specific law, such as insurance, pension, banking law, etc. The provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, Listing Agreements with the stock exchange, SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, SEBI (Prohibition of Insider Trading Regulations) 1992 must be complied with in the case of listed companies.

50p quaivattim 01-12-2012 75 5   Download

PHI provides a source of insurance in systems with targeted, non-universal access to health care coverage. It plays a particularly large role in countries with a history of private health coverage and an absence of universal coverage. For example, in the Netherlands, nearly all of the population without access to social insurance purchases PHI (about a third of the population), and the majority of the socially insured rely on PHI for coverage of services not included within social insurance.

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The prominence of private health insurance has been buttressed by government interventions directed at PHI markets in several OECD health systems, although the effectiveness of policies aimed at increasing market size and fostering outcome quality has differed widely. Australia, Ireland, the Netherlands, Germany, Switzerland and the United States have promoted and maintained a large and viable private health insurance market because policy makers have concluded that mixed public-private coverage systems can better deliver desired health policy and social outcomes.

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Despite the large social benefits from PAYD, there are currently several barriers to its widespread adoption, including the cost to monitor miles traveled and some state insur- ance regulations. In order to facilitate the spread of PAYD, we propose a three-part strat- egy. First, states should pass legislation permitting mileage-based insurance premiums. Second, the federal government should increase the funding available to PAYD pilot pro- grams by $15 million over five years.

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Fraud fighters from all parts of the United States met at the National Insurance Fraud Forum in Washington, D.C., June 5-7, 2000 to set a fraud-fighting agenda for the next five years. Their accomplishments included identifying key fraud fighting goals in dealing with legislation and regulation at the state and federal levels and proposing a list of specific developments on which to focus. Proposed new statutes and regulations frequently threaten the industry’s fraud fight- ing programs and the ability of fraud fighters to access information necessary to pur- sue insurance fraud offenders.

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Some businesses are subject to ongoing special regulation. These industries include, for example, public utilities, investment securities, banking, insurance, broadcasting, aviation, and health care providers. Environmental regulations are also very complex and can affect many kinds of businesses in unexpected ways.

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