Dual Regulation of Insurance

46 Pages Posted: 18 Oct 2018 Last revised: 7 Apr 2019

See all articles by Christopher C. French

Christopher C. French

The Pennsylvania State University (University Park) – Penn State Law

Date Written: October 12, 2018


Since this country was created, the insurance industry has been principally regulated by the states with infrequent Congressional interventions. As the insurance industry has evolved in recent decades, however, individual states have become unable to adequately regulate some insurers, such as multinational insurers and foreign insurers, because they lack jurisdiction over such entities. Simply having the federal government assume responsibility for regulating insurers will not solve the current regulatory problems, however, because Congress’ past forays into regulating certain areas of insurance generally have yielded poor results. Consequently, this Article makes the novel proposal and argument that, with the creation of the Federal Insurance Office (FIO) in 2010, the time is ripe for dual state and federal regulation of insurance. The FIO could regulate the areas of insurance where states are unable to do so or have done so inadequately while the states could continue to regulate areas where they have demonstrated competence.

Keywords: insurance, regulation, Federal Insurance Office, FIO, McCarran, Ferguson, ERISA, NFIP, flood, Affordable Care Act, multinational, state

Suggested Citation

French, Christopher C., Dual Regulation of Insurance (October 12, 2018). 64 Vill. L. Rev. 25 (2019), Penn State Law Research Paper No. 14-2018, Available at SSRN: https://ssrn.com/abstract=3265486

Christopher C. French (Contact Author)

The Pennsylvania State University (University Park) – Penn State Law ( email )

Lewis Katz Building
University Park, PA 16802
United States

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