In this second of our three-part series chronicling compliance in the insurance industry, we move from the historical underpinnings of regulation and recent changes in regulatory legislation to the current regulatory situation in insurance. In a word: it's complicated.
Read: Part 1
Today's regulatory oversight of insurance — still the purview of the states — is designed to maintain a competitive balance in the industry, largely by focusing on two distinct aspects of insurance: financial regulation and market conduct. The financial regulation we see today isn't much of a mystery to the carrier or the regulator. All companies must prepare and present financial information in a transparent manner that makes clear all the financial aspects of insurance.
|Selling and servicing insurance products
Over time, financial regulation has laid out a system of financial uniformity that makes comparative information easier to obtain. If you've ever labored over an Annual Financial Statement, you may have been struck by the uniqueness of insurance as a business, as well as the structure of the information that makes solvency ratings possible.
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