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What Is Insurance Regulatory Law?
Insurance Regulatory Law are all the legal measures used to manage the insurance industry. According to the National Association of Insurance Commissioners (NAIC), insurance regulatory law exists for the benefit of US consumers.
What Does Insurance Regulatory Law Affect?
The NAIC outlines the following subjects that insurance regulation affects:
- Consumer Services
- Company Licensing
- Producer Licensing
- Product Regulation
- Market Regulation
- Financial Regulation
Some of the Benefits of Insurance Regulatory Laws
- Protects consumers by managing fair prices regarding insurance rates.
- Prevents insurance companies from putting “major gaps in coverage” within policies that consumers might not notice.
- Ensures that insurance agents are licensed to sell insurance.
- Ensures that insurance companies comply with state laws and are licensed to sell insurance.
- Follows up on complaints made against insurance agents.