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Governance Risk and Compliance - The US Insurance Industry

Published By :

Timetric

Published Date : Apr 2017

Category :

Insurance

No. of Pages : 137 Pages

Synopsis
Timetrics 'Governance, Risk and Compliance The US Insurance Industry' report is the result of extensive research into the insurance regulatory framework in the US.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetrics research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the US, including:

An overview of the insurance regulatory framework in the US.

The latest key changes, and changes expected in the countrys insurance regulatory framework.

Key regulations and market practices related to different types of insurance product in the country.

Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the US.

Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

Details of the tax and legal systems in the country.

Scope
The report covers details of the insurance regulatory framework in the US.

The report contains details of the rules and regulations governing insurance products and insurance entities.

The report lists and analyzes key trends and developments pertaining to the countrys insurance regulatory framework.

The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

The report provides details of taxation imposed on insurance products and insurance companies.

Reasons To Buy
Gain insights into the insurance regulatory framework in the US.

Track the latest regulatory changes, and expected changes impacting the US insurance industry.

Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights
The NAIC coordinates the regulation of multi-state insurers

Composite insurance is not permitted in the US

100% FDI is permitted in the US insurance industry

Non-admitted insurance is not permitted in the US; however, exceptions exist

On January 1, 2015, the NAIC adopted the ORSA for large- and medium-sized insurers


Table of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Health insurance
2.4.3 Social insurance system
2.4.4 Aviation third-party liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 National Association of Insurance Commissioners
2.5.3 Federal Insurance Office
2.5.4 American Insurance Association
2.5.5 National Association of Mutual Insurance Companies
2.5.6 Property Casualty Insurers of America
2.5.7 Reinsurance Association of America
2.5.8 American Council of Life Insurers
2.6 Non-Admitted Insurance Regulation
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetrics Services
3.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: The US Insurance Regulatory Framework Key Features
Table 3: The US Life Insurance Regulatory Framework
Table 4: The US Property Insurance Regulatory Framework
Table 5: The US The US TRIP Highlights
Table 6: The US Motor Insurance Regulatory Framework
Table 7: The US Liability Insurance Regulatory Framework
Table 8: The US Maximum Cover for Motor Third-Party Liability Per Accident by State
Table 9: The US California Statutory Membership in Insurance Associations
Table 10: The US California Minimum Paid-up Share Capital Requirements for Non-life Insurers
Table 11: The US California Minimum Paid-up Share Capital Requirements for life Insurers
Table 12: The US New York Minimum Capital and Surplus Requirement
Table 13: The US New York Minimum Capital and Surplus Requirement
Table 14: The US California Authorization Fee for Insurers
Table 15: The US California License Fee for insurance intermediaries
Table 16: The US Corporate Tax Rates for the Financial Year 2017


List of Figures
Figure 1: The US Insurance Supervision and Control at Various Levels
Figure 2: The US Insurance Regulatory Frameworks for Company Registration and Operation

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