Insurance in the US
The first insurance company in the United States created the reinsurance company, which was the established in Charleston, South Carolina in 1735. In 1752, Benjamin Franklin supported that the establishment of Philadelphia’s oldest insurance company, the Philadelphia Joint Stock Company. Franklin was the first company to support fire protection. His company warned of fire hazards and refused to provide insurance for all high-risk buildings such as the tree houses.
The first of non-life insurance company in the United States, an insurance company in the North America, was established in 1792. In 1837, Massachusetts passed the first state law requiring insurance companies to maintain adequate reserves. The insurance was established in the New Hampshire in 1851. In 1859, New York State appointed its own insurance consultant, established the Insurance Bureau, and its began a more comprehensive insurance contract.
Since then, the insurance industry and the insurance industry have developed, changed and developed. Until the 1950s, when insurance companies were generally prohibited from providing various types of insurance, the law allowed multiple options. In the region dominated by small single-member organizations and communities, the insurance industry is rapidly becoming a multinational and multinational insurance company of general scale.
State-based insurance regulatory system
Historically, the U.S. insurance industry was mainly managed by the U.S. government. In 1851, he became the first insurance committee in New Hampshire, and the insurance industry developed rapidly. Prior to this, insurance mainly complied with the company law, county law and court judgments.
Under the national insurance regulatory framework, each country operates independently, and usually manages the insurance market through the insurance industry or through the insurance industry. With regard to Paul v. 1869, Virginia Powell encountered problems in the insurance industry, the insurance industry, and the national system of various policyholders. It is said that the government surveillance system is complex, and the unnecessary chaos is costly.
In 1944, the U.S. Supreme Court ruled that, in accordance with the commercial provisions of the Constitution, insurance activities of the Southeast Union were held regularly within the Union. However, in the United States, the U.S. Congress immediately responded to the Karen Ferguson Act of 1945. In particular, the “Map Khan Ferguson Act” regulates national insurance activities in the public interest. The law also stipulates that unless separate from the “Federal Legal Insurance Guidelines”, it shall not be repealed, violated or repealed by laws governing national insurance. If not closed
In the 1980s, in addition to the new dual government law and federal agency law, the collapse of insurance companies also aroused interest in the federal insurance law. In response, the National Association of Insurance Regulators (NAIC) has approved several revised models for regulating non-life insurance, including capital requirements and accounting policies approved by regulators. This model reform law is always associated with the government’s pressure to reform the federal insurance system. However, according to different countries/regions, the insurance supervision system is still very different. According to the regulations, insurance companies will be charged higher premiums. In 2009, McKinsey & Company I calculated the United States and said that the insurance industry generates unnecessary administrative costs in the state’s regulatory system every year.
The NAIC model is a forum for establishing policies and regulations. The footnote decides to follow the NAIC model or regulations, and each country may change the recruitment process, but the examples are usually accepted even if they are invalid. NAIC also aims to strengthen laws or contracts supported by insurance companies in the country. NAIC form documents can provide stability in various countries/regions, but these forms have no legal effect and can only be implemented after approval by the government. However, it is used as a guide in most countries/regions, and some countries/regions have little or no changes.
It can be seen from various forms of insurance management agencies that the importance of state insurance regulations in the state has been debated for a long time. In many states, insurance is so important to the economy that “types” are managed at the cabinet level. In other states, the best way to motivate many executives in the insurance industry and participate in management is to maintain open management channels, such as organizational services. .