By: Jason L. Perez
Department Authorized Insurance Education Provider
⭐️⭐️⭐️⭐️⭐️ | The Insurance School .com
Florida Insurance Pre-Licensing Course
Episode One (C)
Operation Overlord, WILD Bill Hickock & Another CARRAN.
iLaw Episode ONE (c)
Operation Overlord, WILD Bill Hickock & Another CARRAN.
History of Insurance Regulation
– 1868 – Paul (VS) Virginia
– 1944 – US (VS) Southeastern Underwriters Association
– 1945 – McCarran Ferguson Act
For the confrontational types, we’re about to get controversial. Guns, Abortions, and the consequences of not identifying your assigned sex at birth on an insurance policy application. If you’re thinking I’m about to get political… Nope. We’re just going to venture down memory lane.
Mr. Paul lost the argument. Now, to obtain Authorization to sell policies from the Foreign Insurer he represents, he was REQUIRED to submit a bond for Consumer Protection purposes. He didn’t and became the FIRST UN-AUTHORIZED Entity in U.S. history.
What had happened was… the business of insurance was a mess. We had conflicting laws, and the Federal Government saw a need to begin standardizing the industry. States still had the ability to regulate insurance however, Daddy Gov was now in charge.
The McCarran Ferguson case from 1945 is ONLY court case relevant to Insurance Pre-Licensing. McCarran Ferguson “MADE IT CLEAR”, it was in the best interest of us Floridians to have an insurance industry regulated by FLORIDA.
Rowe (VS) Wade was overturned because, the Federal Government hadn’t overcome the congressional LAWS defined within the 1945 McCarran Ferguson Act. States must comply with Federal Anti-Trust and other reasonable guidelines.
National Association of Insurance & Financial Advisors | NAIFA
NAIC | National Association of Insurance Commissioners
In a nutshell, McCarran Ferguson protects states against federal overreach. Entities like, NAIFA & NAIC exist to help state regulators standardize the business of insurance. They collaborate to come up with model guidelines & regulatory suggestions.
NATIONAL entities ARE NOT regulatory entities
– END of the quickest history lesson in history.
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