United States (US) Insurance Industry – Governance, Risk and Compliance
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United States (US) Insurance Industry Regulation Overview
The National Association of Insurance Commissioners (NAIC) and Federal Insurance Office (FIO) regulate the US insurance industry along with other regulators and supervisors, including the International Association of Insurance Supervisors (IAIS), the American Insurance Association (AIA), National Association of Mutual Insurance Companies (NAMIC), Property Casualty Insurers of America (PCI), Reinsurance Association of America (RAA), and the American Council of Life Insurers (ACLI).
The United States (US) insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · National Association of Insurance Commissioners (NAIC)
· International Association of Insurance Supervisors (IAIS) · American Insurance Association (AIA) · National Association of Mutual Insurance Companies (NAMIC) · Property Casualty Insurers of America (PCI) · Reinsurance Association of America (RAA) · American Council of Life Insurers (ACLI) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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US Insurance Industry – Key Regulators and Legislation
National Association of Insurance Commissioners (NAIC): The NAIC is a voluntary association created and governed by the chief insurance regulators from the 50 US states, the District of Columbia, and five US territories. With the help of the NAIC, state insurance regulators conduct peer reviews, establish standards and best practices, and coordinate their regulatory oversight. The main aim of the NAIC is to assist state insurance regulators in serving the public interest and achieving fundamental insurance regulatory goals.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The laws regulating the US insurance industry are:
- California: California Insurance Code
- Florida: Floridian Insurance Code
- New York: New York Insurance Code
- Texas: Texas Insurance Code
- Vermont: Vermont Statues on Banking and Insurance
- North Carolina: North Carolina General Statutes
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US Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the US insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurances in the US
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US Insurance Industry - Company Registration and Operation
A license is required to operate in the US insurance industry. To operate an insurance business in the US, companies must obtain a Certificate of Authorization from the respective state regulators. Insurance companies operating in all 50 states can conduct specific lines of insurance business in their respective state. However, if a domestic insurance company of a particular state applies for licensing in another state, it must submit licensing applications to the regulator of the state in which it wants to operate its business. Furthermore, companies willing to be established as a new insurance company or domesticate their existing insurance business in any of the US states must submit a Uniform Certificate of Authority Application (UCAA) to the Insurance State regulator.
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US Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in the US. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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Scope
This report provides:
- Details of the insurance regulatory framework in US.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The NAIC coordinates the regulation of multi-state insurers.
- Composite insurance is not permitted in the US.
- With a few exceptions, non-admitted insurance is not permitted in the US.
- On January 1, 2015, the NAIC adopted the ORSA for large and medium-sized insurers.
Reasons to Buy
- Get FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Get insights into the insurance regulatory framework in US.
- Track the latest regulatory changes and expected changes impacting the US insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
Table of Contents
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Frequently asked questions
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Which are the key regulators of the US insurance industry?
The National Association of Insurance Commissioners (NAIC) and the Federal Insurance Office (FIO) are the key regulators of the US insurance industry.
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Which other bodies oversee the US insurance industry?
The International Association of Insurance Supervisors (IAIS), the American Insurance Association (AIA), the National Association of Mutual Insurance Companies (NAMIC), Property Casualty Insurers of America (PCI), Reinsurance Association of America (RAA), and the American Council of Life Insurers (ACLI) are the regulatory and supervisory bodies that oversee the operations of the US insurance industry.
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Which are the compulsory insurances required within the US insurance industry?
A few of the compulsory insurances required within the US insurance industry are motor third-party liability insurance, aviation liability insurance, professional indemnity insurance, and social security insurance.
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What types of taxes are imposed upon the US insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in the US. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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