Governance, Risk and Compliance – The US Insurance Industry

GlobalData’s '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 GlobalData’s 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.

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 country’s 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.

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

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.

Companies mentioned

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 GlobalData

3.3 About GlobalData

3.4 GlobalData’s 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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