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State Regulation and Consumer Protection in the Insurance Industry

Author

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  • Sharon Tennyson

Abstract

In the recent debate over the appropriate governmental level at which to regulate insurance markets, opponents of a new federal role often raise concerns about the adequacy of consumer protection if regulation is removed from the states. This paper analyzes the need for market conduct regulation in insurance markets, and the arguments for state versus federal provision of this type of regulation. The paper then examines the provision of consumer protection regulation by the states in light of proposals for an increased federal role in insurance regulation.

Suggested Citation

  • Sharon Tennyson, 2008. "State Regulation and Consumer Protection in the Insurance Industry," NFI Policy Briefs 2008-PB-03, Indiana State University, Scott College of Business, Networks Financial Institute.
    • Handle: RePEc:nfi:nfipbs:2008-pb-03
    as

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    File URL: http://www.indstate.edu/business/sites/business.indstate.edu/files/Docs/2008-PB-03_Tennyson.pdf
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    References listed on IDEAS

    as
    1. Noll, Roger G., 1989. "Economic perspectives on the politics of regulation," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 2, chapter 22, pages 1253-1287, Elsevier.
    2. Tomas M. Koontz, 0. "Differences Between State and Federal Public Forest Management: The Importance of Rules," Publius: The Journal of Federalism, CSF Associates Inc., vol. 27(1), pages 15-38.
    3. Martin F. Grace & Richard D. Phillips, 2007. "The Allocation of Governmental Regulatory Authority: Federalism and the Case of Insurance Regulation," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 74(1), pages 207-238, March.
    4. Besley, Timothy & Coate, Stephen, 2003. "Centralized versus decentralized provision of local public goods: a political economy approach," Journal of Public Economics, Elsevier, vol. 87(12), pages 2611-2637, December.
    5. R. Schmalensee & R. Willig (ed.), 1989. "Handbook of Industrial Organization," Handbook of Industrial Organization, Elsevier, edition 1, volume 2, number 2.
    6. Scott Harrington, 2006. "Federal Chartering of Insurance Companies: Options and Alternatives for Transforming Insurance Regulation," NFI Policy Briefs 2006-PB-02, Indiana State University, Scott College of Business, Networks Financial Institute.
    7. R. Schmalensee & R. Willig (ed.), 1989. "Handbook of Industrial Organization," Handbook of Industrial Organization, Elsevier, edition 1, volume 1, number 1.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. John A. Tatom & Terrie Troxel, 2011. "A Report to the Federal Insurance Office," NFI Policy Briefs 2011-PB-07, Indiana State University, Scott College of Business, Networks Financial Institute.
    2. Tatom, John, 2009. "Responding to the 2007- 09 financial crisis: A new Consumer Financial Protection Agency?," MPRA Paper 16174, University Library of Munich, Germany.
    3. N.Nadanamoorthy & S.Dinesh & S.Dhachanamoorthy, 2011. "A Study on Consumer Protection in PACL with Special Reference to Insurance in Cuddalore District," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 2(7), pages 05-10, November.

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    More about this item

    Keywords

    Insurance regulation; federalism; consumer complaints;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism

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