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Title: Law/Legal Information/Insurance Law - Legal Information Institute - Insurance Law Includes applicable federal and state statutes and judicial decisions, and online resources, from Cornell Law School. |
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Insurance | LII / Legal Information Institute @import "/sites/topics.law.cornell.edu/files/css/1aed298087cd04e35cf4524b4489c2f2.css"; @import "/sites/all/themes/liitpl/print.css"; var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www.");document.write(unescape("%3Cscript src="http://www.law.cornell.edu/topics/insurance.html/" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E"));var pageTracker = _gat._getTracker("UA-1734385-15");pageTracker._trackPageview(); skip navigation  Search Law School Search Cornell LII / Legal Information Institute home search find a lawyer donate Wex main page all pages law about... español papers search FAQ Insurance insurance law: an overviewIn the absence of insurance, three possible individuals bear the burden of an economic loss; the individual suffering the loss; the individual causing the loss via negligence or unlawful conduct; or lastly, a particular party who has been allocated the burden by the legislature, such as employers under Workmen's Compensation statutes.While types of insurance vary widely, their primary goal is to allocate the risks of a loss from the individual to a great number of people. Each individual pays a "premium" into a pool, from which losses are paid out. Regardless of whether the particular individual suffers the loss or not the premium is not returnable. Thus, when a building burns down, the loss is spread to the people contributing to the pool. In general, insurance companies are the safekeepers of the premiums. Because of its importance in maintaining economic stability, the government and the courts use a heavy hand in ensuring these companies are regulated and fair to the consumer.Up until 1944, insurance was not considered "commerce" and not subject to federal regulation. But in United States v. South-Eastern Underwriters Association, the Supreme Court held that Congress could regulate insurance transactions that were truly interstate. Congress then enacted the McCarran-Ferguson Act (15 U.S.C. § 1011) which provided that the laws of the several states should control the insurance business, but that the Sherman Act, the Clayton Act, and the Federal Trade Commission Act were applicable to the insurance business to the extent that it wasunregulated by state law.The McCarran-Ferguson Act, broadly speaking, gives states the power to regulate the insurance industry. While state insurance statutes override most federal laws, some portions of federal law (like federal tax laws) are always commanding. Therefore, when researching whether a particular law governs, a good rule of thumb is to ask whether the inquiry is related to the "business of insurance" (where state law governs), or whether it is related to peripherals of the industry (labor, tax law, securities - where federal law governs). Categories: wexaccidents and injuriesbusiness sectorsoverview Donations cover only 20% of our costs menu of sourcesFederal MaterialU.S. Constitution and Federal Statutes U.S. Code: 15 U.S.C., Ch. 20 - McCarran-Ferguson Act Recognizing State Regulation of Insurance 15 U.S.C., Ch. 65 - Liability Risk Retention 12 U.S.C., Ch. 16 - Federal Deposit Insurance Corporation (FDIC) 7 U.S.C., Ch. 36 - Crop Insurance 42 U.S.C., Ch. 50 - Flood Insurance 5 U.S.C., Ch. 87 - Federal Employee Life Insurance 5 U.S.C., Ch. 89 - Federal Employee Health Insurance CRS Annotated ConstitutionFederal Judicial Decisions U.S. Supreme Court: United States v. South-Eastern Underwriters Assoc., 322 U.S. 533 (1944) Recent Insurance Cases liibulletin Oral Argument Previews U.S. Circuit Courts of Appeals: Recent Decisions on InsuranceU.S. Constitution CRS Annotated Constitution: Fourteenth Amendment: InsuranceState MaterialState Statutes State Statutes on InsuranceJudicial Decisions N.Y. Court of Appeals: Recent Decisions on Insurance Commentary from liibulletin-ny Appellate Decisions from Other StatesOther ReferencesKey Internet Sources Insurance and Risk Management Information Index of Insurance Companies on the WebUseful Offnet (or Subscription - $) Sources Good Starting Point in Print: Robert H. Jerry, Understanding Insurance Law, Fourth Edition, (2007)other topics Category: Accidents and Injuries Category: Business Sectors Category: Family Law about ussitemaphelpterms of use var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www.");document.write(unescape("%3Cscript src="http://www.law.cornell.edu/topics/insurance.html/" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E"));var pageTracker = _gat._getTracker("UA-1734385-6");pageTracker._initData();pageTracker._trackPageview(); |
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Includes | applicable | federal | and | state | statutes | and | judicial | decisions, | and | online | resources, | from | Cornell | Law | School. |
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Legal Information Institute - Insurance Law 2008 November
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