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Paul Zimmerman

Showing 2 posts from April 2014.

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Statutes, Regulation, and Bureaucratic Decrees

Insurance is a heavily-regulated business.  Insurance consumers pay for the product before they receive the benefits of paid claims.  They give money to consumers and receive a promise that, in the event of a loss, the company will indemnify.  As a result, insurers end up holding a lot of money that doesn’t really belong to them.  It’s going to be needed to pay claims.  The majority of insurance regulation is intended to ensure that insurers make good on their promises rather than just stealing the money and not using it to pay claims.  It is similar to banking – another heavily-regulated industry. (Read More)

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Kheng Ho Toh ©

Insurance Regulatory Update

Bill Gausewitz provides regular regulatory updates to the State Bar Insurance Law Committee. Check out the April 2014 report. (Read More)