Nicole Zayac’s and David Hauge’s article, “Uniformity Vs. Autonomy In Insurance Regulation: Part 2,” was published in Law360 on February 8, 2017.
From the article…
“Faced with this increased federal interest in regulating insurance and industry pressures towards uniformity in the support of efficiency, state insurance regulators have felt the need to prove the value and success of the state-based insurance regulatory system. They note that the insurance industry exhibited a high level of stability vis-a-vis other financial institutions during the 2008-2009 financial crisis, in part due to long standing institutions and traditions of state insurance regulation. However, while this clear example of the system working is readily identifiable, state regulators also face pressures to demonstrate their flexibility and responsiveness as new businesses and technologies, such as cybersecurity concerns, issues of liability in the “sharing economy”, and liability issues raised my new technological developments (i.e. drones and autonomous and semiautonomous vehicles), arise that affect the insurance industry.”
View Part 1 of the Article HERE