Legal Resources
Historical Perspective
The following section is focused on how we got to the present state of Insurance in America
This article is a great recap of American Insurance History
Catalog of Legal Reviews on Insurance
Interesting History of Insurance
A Brief History of Insurance in America and Key Milestones in Regulations
In 1851, the insurance regulatory system took shape when New Hampshire appointed the first-ever state insurance commissioner. Other states soon followed suit.
By the 1920s, more than 120 million life insurance policies had been sold in the United States — nearly equal to the total U.S. population in 1928.
In 1945, Congress enacted the McCarran-Ferguson Act, supporting state-based regulation of the insurance industry without federal interference.
In 1990, the National Association of Insurance Commissioners adopted the Unfair Claims Settlement Practices Act, protecting consumers from unfair actions that might occur during the claims settlement process.
In 1999, Congress passed the Gramm-Leach-Bliley Act, also known as the Financial Modernization Act, which permits the partnering of banks, securities firms, and insurance companies. At the same time, however, Congress called for state reform in insurance regulatory practices, allowing insurers to compete more effectively in the new financial services marketplace.
In 2010, former President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law, placing further regulations on the financial services industry to protect consumers from predatory mortgage companies and lenders.[2]
Interesting Notes
From certain references, some notes on the legal constructs of Insurance. We use this information to guide the problem Domains in our solution architecture and our regulatory reforms.
Making the contract
The requirements for the creation of an enforceable insurance or reinsurance contract mirror those of most written contracts – offer, acceptance, consideration, legal capacity, and legal purpose.
In practical terms, an application or submission and the tender of the initial premium represent the offer to contract. Acceptance is generally demonstrated through the execution of the policy or agreement. Without an offer and acceptance, there is no meeting of the minds and no contract. [1]
Learning Resources
Links to interesting articles on the legal scope of Insurance