Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
remaining cards
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

FIL 250 Regulation

Regulation of insurers

alien insurer
domestic insurer
foreign insurer
file and use / use and file rating laws Rate regulation where insurers must simply file rates with regulatory authorities before they can be put into effect (or the rates must be filed within a certain period after first being used)
open competition rating law Law for regulating insurance rates under which insurers are not required to file rates at all with the state insurance department but may be required to furnish rate schedules and supporting data to state officials
guaranty funds Provide a method for paying unpaid claims of insolvent property and casualty insurers
Paul v. Virginia 1868 Supreme Court case that established the rights of states, and not the federal government, to regulate insurance, ruling that insurance was not interstate commerce
South-Eastern Underwriters Association case 1944 ruling that overturned Paul v. Virginia, finding that insurance was interstate commerce when conducted across state lines and was subject to federal regulation
McCarran-Ferguson Act 1945 law stating that clarified the uncertainty of insurance regulation that was caused by the SEUA case. The Act gives states authority to regulate insuers, but still apply federal anti-trust to insurance
Financial Modernization Act (Gramm-Leach-Bliley) the law states that insurers, banks, and investment firms are no longer prevented from competing in other financial markets not in their ‘core’ area of operations
NAIC (National Association of Insurance Companies) an organization that helps standardize insurance regulation by drafting model laws in various areas which are often adopted directly by state legislators
rebating a practice, illegal in virtually all states, of giving a premium reduction or some other financial advantage to an individual as an inducement to purchase the policy
twisting in an effort to generate higher commissions, twisting is an illegal practice of inducing a policyowner to drop an existing policy and take out a new policy
risk-based capital (RBC) the amount amount of capital that is required to be held by insurers based on the riskiness of their investments and operations
own risk and solvency assessment (ORSA) Using internal procedures, ORSA is a continuous and prospective way to determine overall solvency and capital needs based on the specific risk profile of the insurance company.
Created by: isufil250