Which of the following is not a purpose of insurance regulation quizlet

Which of the following is the most important goal of insurance regulation?

Which of the following is the most important goal of insurance regulation? Promoting the solvency of insurance companies.

What is the purpose of having insurance quizlet?

The purpose of insurance is to protect against losses caused by pure risk. This is accomplished through the insurance contract, which requires one party to pay a specified sum to another if a previously identified event occurs.

What is the basis for current state regulation of insurance?

Insurance is regulated by the states. This system of regulation stems from the McCarran-Ferguson Act of 1945, which describes state regulation and taxation of the industry as being in the public interest and clearly gives it preeminence over federal law. Each state has its own set of statutes and rules.

Who regulates insurance companies in the United States quizlet?

The responsibility to regulate the insurance industry is share jointly by the federal government and state government. The authority, granted to state government, was granted through the passage of Public Law 15, also known as the McCarren Ferguson Act.