Mayhall.USreg

Should insurance regulation in the U.S. be state or federal? The longstanding answer is state, but there have been recent encroachments by federal law, namely ACA (Affordable Care Act) and D-F (Dodd-Frank Financial Reform).   Forum

Pop Quiz

• Who oversees solvency regulation in Canada, federal or provincial?
• Who oversees rate regulation in Canada, federal or provincial?
• (This is (2014.Fall #1a) from Baer.Intro.)

Keywords

Affordable Care Act, Dodd-Frank

In Plain English!

Although this reading pertains to U.S. insurance regulation, it was tested regularly from 2013.Fall to 2015.Spring. It hasn't been tested since, which might be due to a change in emphasis by the exam committee. The most likely question relates to the Dodd-Frank legislation of 2010, passed as a response to the financial crisis of 2007-2008. (2015.Spring #2b), (2014.Fall #1d), (2013.Fall #1b)

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The only other question from this reading was (2014.Fall #1abc). It required you to know details of the Gramm-Leach-Bliley Act of 1999. I don't believe a question on this level of detail will be asked again, but the answers are in the mini BattleQuiz below. (2 federal U.S. laws that have encroached into state regulation since the passage of Gramm-Leach-Bliley are Dodd-Frank, and the ACA or Affordable Care Act.)

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BattleCodes

• Memorize:
  • Dodd-Frank legislation

• Conceptual:
  • U.S. regulation of solvency and rates is a little different than in Canada.

• Calculational:
  • none

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  Forum

POP QUIZ ANSWERS

• Solvency regulation in Canada is done at both the federal and provincial levels.
• Rate regulation is done at the provincial level. (The answer key says federal, but this is wrong.)