Insurance Law

Issues addressed within the committee include regulation of both life and health and property and casualty insurance entities at the state level, subject to Congressional oversight, for purposes of promoting the soundness and solvency of insurers. Protecting consumers, promoting the availability and affordability of essential insurance and assuring fair insurance trade practices are also examined.

There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the Corporation) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted.

FICA stipulates that there is a maximum that can be allocated to Social Security, while there is no maximum on what can go toward Medicare. Once the maximum to Social Security is achieved, the contributor's FICA payment will not increase the Social Security portion but will continue to increase the contribution to Medicare. The amount of the FICA payment depends on the income of the contributor; the higher the income, the higher the FICA payment.

Financial Reinsurance (or fin re), is a form of reinsurance which is focused more on capital management than on risk transfer. In the non-life segment of the insurance industry this class of transactions is often referred to as finite reinsurance. One of the particular difficulties of running an insurance company is that its financial results - and hence its profitability - tend to be uneven from one year to the next. Since insurance companies generally want to produce consistent results, they may be attracted to ways of hoarding this year's profit to pay for next year's possible losses (within the constraints of the applicable standards for financial reporting). Financial reinsurance is one means by which insurance companies can "smooth" their results.

A contract in which one party agrees to indemnify another against a predefined category of risks in exchange for a premium. Depending on the contract, the insurer may promise to financially protect the insured from the loss, damage, or liability stemming from some event. An insurance contract will almost always limit the amount of monetary protection possible.

In the United States, Social Security refers to the federal Old-Age, Survivors, and Disability Insurance (OASDI) program. The original Social Security Act (1935) and the current version of the Act, as amended encompass several social welfare and social insurance programs. The larger and better known programs are: * Federal Old-Age, Survivors, and Disability Insurance * Unemployment benefits * Temporary Assistance for Needy Families * Health Insurance for Aged and Disabled (Medicare) * Grants to States for Medical Assistance Programs (Medicaid) * State Children's Health Insurance Program (SCHIP).

Reinsurance is a means by which an insurance company can protect itself with other insurance companies against the risk of losses. Individuals and corporations obtain insurance policies to provide protection for various risks (hurricanes, earthquakes, lawsuits, collisions, sickness and death, etc.).

A single insurance market, promoting economic efficiency and market integration, requires a common framework, to allow insurers to operate throughout the EU and to establish and provide services freely.

AIDA was formed in 1960 for the purpose of promoting and developing, at an international level, collaboration between its members with a view to increasing the study and knowledge of international and national insurance law and related matters.

The AIDA Reinsurance and Insurance Arbitration Society, ARIAS·U.S., is a not-for-profit corporation that promotes improvement of the insurance and reinsurance arbitration process for the international and domestic markets.

The American Insurance Association (AIA) is the leading property-casualty insurance trade organization, representing 350 insurers that write more than $123 billion in premiums each year. AIA member companies offer all types of property - casualty insurance, including personal and commercial auto insurance, commercial property and liability coverage for small businesses, workers' compensation, homeowners' insurance, medical malpractice coverage, and product liability insurance.

The Forum of Insurance Lawyers (FOIL) is an organization for lawyers who act predominantly or exclusively for insurance companies. It also lobbies actively on insurance litigation issues. Much of the content of its web site is restricted to members only, but some news and information is freely available.

The mission of the Insurance Information Institute (I.I.I.) is to improve public understanding of insurance -- what it does and how it works.

The Interstate Insurance Compact (“Compact”) is an important modernization initiative that benefits state insurance regulators, consumers and the insurance industry. The Compact enhances the efficiency and effectiveness of the way insurance products are filed, reviewed and approved allowing consumers to have faster access to competitive insurance products in an ever-changing global marketplace. The Compact promotes uniformity through application of national product standards embedded with strong consumer protections.

The mission of the NAIC is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental insurance regulatory goals in a responsive, efficient and cost effective manner, consistent with the wishes of its members.

The National Association of Professional Insurance Agents (PIA) represents independent Professional Insurance Agents in all 50 states, Puerto Rico and the District of Columbia. Our members are local Main Street Agents who serve their communities throughout America.

Incorporated in October 1996, the National Insurance Producer Registry (NIPR) is a non-profit affiliate of the National Association of Insurance Commissioners (NAIC). NIPR developed and implemented the Producer Database (PDB) and the NIPR Gateway. NIPR is governed by a 13 member board of directors, with 6 members representing the NAIC, 6 industry trade association representatives, including 3 producer trades and the CEO of the NAIC as an ex-offcio voting board member.

PCI is constantly working to develop innovative programs to organize our members and strengthen the influence of property casualty insurers nationwide. PCI political programs focus on participating in the political process through campaigns and elections, and by contacting legislators on important public policy measures. Companies learn many ways to maximize the pro-business vote and gain access to advocacy resources that makes the process of educating, organizing and motivating voters seamless.

The Reinsurance Association of America (RAA) is a national trade association, headquartered in Washington, D.C., that is committed to an activist agenda to represent the interests of the property and casualty reinsurance industry in Congress, state legislatures, and international forums. As a benefit to its membership, the RAA also offers unparalleled resources for its membership: continuing reinsurance education programs, unique industry underwriting statistics, and premier reinsurance legal references.

On April 13, 2010, the Federal Deposit Insurance Corporation Board of Directors adopted Guidelines for Appeals of Deposit Insurance Assessment Determinations. The Guidelines govern the Assessment Appeals Committee (AAC) process. The Guidelines reconstitute the AAC and set out procedures for appeals to the AAC.

CPCU Society know that your professional success depends on keeping up to date with the latest news and trends in the industry. That's why they give you quick, easy access to one of the most comprehensive publication libraries around, ranging from resources on academic developments in the insurance industry to the latest news from the interest groups.

Articles written by attorneys and experts worldwide discussing legal aspects related to Insurance and Reinsurance including: bad faith insurance, insurance defense, insurance fraud and medical insurance.