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Fundamentals of Risk and Insurance, 11th Edition by Therese M. Vaughan, Emmett J. Vaughan

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CHAPTER OBJECTIVES

When you have finished this chapter, you should be able to

  • Identify and explain the reasons why insurance is subject to regulation
  • Identify the major areas of insurer operations that are regulated
  • Trace the history of insurance regulation and identify the landmark cases and laws that led to the current regulatory environment
  • Identify the major aspects of insurance company operations that are subject to regulation
  • Identify and explain the statutory requirements that exist with respect to insurance rates
  • Describe the different approaches the states have taken toward the regulation of insurance rates
  • Identify the arguments favoring state or federal regulation of insurance

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THE WHY OF GOVERNMENT REGULATION OF INSURANCE

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Before turning to the manner in which the insurance industry is regulated, it is appropriate that we examine the rationale for that regulation. Many of the original reasons for the regulation of the insurance industry are being challenged, and new regulatory goals are being proposed. In analyzing the issues discussed in this chapter, it will be helpful if the reader is familiar with the general theory of regulation that serves as the foundation for the ...

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