Mayhall - US Insurance Regulation Flashcards
1
Q
Dodd-Frank: What entities did the Dodd-Frank legislation create? (2)
A
- FIO (Federal Insurance Office)
- FSOC (Financial Stability Oversight Council)
2
Q
Describe FIO.
A
- study and Collect information on the INSURANCE INDUSTRY and state insurance regulatory systems
- draft federal regulation for the insurance industry
3
Q
Describe FSOC.
A
- monitor financial services industry (including insurance)
- identify risks to financial stability
4
Q
Who oversees solvency regulations in the US?
A
The individual states.
5
Q
Who oversees rate regulations in the US?
A
The individual states.
6
Q
NAIC response to insolvencies in 1980s? (3)
A
- Risk-Based Capital requirements, similar to OSFI’s MCT requirements
- financial regulation accreditation standards
- codify accounting principles
7
Q
Describe the Gramm-Leach-Bliley Act (1999). (3)
A
- represented federal encroachment to state regulation by adding privacy regulations
- reduced separation between banks and insurers
- set minimum standards for stat regulation TO AVOID federal regulation
8
Q
Identify 2 federal US laws that have encroached into state regulation after the Gramm-Leach-Bliley Act of 1999.
A
- Dodd-Frank
- Affordable Care Act
