Modernizing Insurance Regulation

Critics believe that insurance regulation must be ­modernized and brought up to date. They argue that regulation of the financial services industry is broken; state and federal regulators see only part of a horribly complex system of regulation; regulators are often lax in their oversight of the industries they are supposed to regulate; and critical regulatory gaps and weaknesses in the supervision of insurers exist in the present system. Critics believe that a complete overhaul and restructuring of the financial services regulatory system are necessary, which also includes the ­insurance industry.

As stated earlier, during 2007–2009 the United States experienced the worst business recession in its history since ...

Get Principles of Risk Management and Insurance, 13th Edition now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.