By Justin L. Brady
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Additional info for The Regulation of Insurance, 1st ed
Insurer insolvencies continually caught insurance regulators by surprise. 36 The Regulation of Insurance • • • • • The resulting losses affected insurance consumers who clamored for protection. Thus New York required that, if stockholders or directors of an insurance company believed that the insurer was in jeopardy of becoming insolvent, they were to report their beliefs to the Chancellor of New York. The Chancellor would then appoint three individuals to handle the insurer’s liquidation. In 1824, New York imposed a premium tax of 10 percent on fire insurers domiciled in other states.
The insurance commissioner of the District of Columbia held public hearings on the issue and called for the investigation of certain companies alleged to practice redlining. The interaction of those political actors on a significant issue follows the political theory. The Theories of Regulation and Insurance Regulation Each of the theories discussed can be used to describe certain areas of insurance regulation. Historically, the public interest theories have been the theories most often used to describe insurance regulation.
2. If so, do fire insurance transactions that stretch across state lines constitute “Commerce among the several states” so as to make them subject to regulation by Congress under the Commerce Clause? 44 Thus, the second question became a crucial one for the Court as well as for the insurance industry. The Court decided that insurance was commerce as referred to in the Commerce Clause of the Constitution and, as such, was subject to regulation by Congress. In making this determination, various arguments were advanced in favor of Congress’s regulation of insurance, including the following: • • • • Insurance is not a business that is distinct in each of the states, but is interrelated, interdependent, and integrated across the states.
The Regulation of Insurance, 1st ed by Justin L. Brady