Ch. 8 Government Regulation

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6 Terms

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At what level is insurance regulated?

state level

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Goals of Insurance Regulation

  • maintain insurer solvency

  • education consumers

  • ensure reasonable rates

  • make insurance available

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Maintain Insurer Solvency

insurance contracts are worthless if the insurer goes bankrupt

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Educate Consumers

prevent unethical insurers or agents from taking advantage of consumers

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Ensure Reasonable Rates

ensure economically reasonable premium for needed coverages, prevent too high or too low premiums

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Make Insurance Available

Fair Access to Insurance Requirements (FAIR Plans), restrict the market exit of insurers