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Consumer Protection in US Insurance: Pre & Post Sales Regulations

Learn about key consumer protection requirements for insurance in the United States through this insightful presentation by James J. Donelon, NAIC President & Commissioner of Louisiana Department of Insurance. Explore regulator activities before and after sales, specific conduct standards, and essential lessons for the industry. Gain insights into company and producer licensing, rate and form review, handling consumer inquiries, investigations, and market conduct examinations. Understand unfair trade practices, claims settlement, improper terminations, and annuities suitability. Discover vital lessons for competitive markets, consumer understanding, communication, and evolving regulatory needs.

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Consumer Protection in US Insurance: Pre & Post Sales Regulations

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Presentation Transcript

  1. Consumer Protection Requirements for the Conduct of Insurance in the United States James J. Donelon NAIC President Commissioner Louisiana Department of Insurance

  2. Presentation Overview • Regulator Activity Before the Sale • Regulator Activity After the Sale • Specific Standards of Conduct • Essential Lessons Learned

  3. Regulator Activity Before the Sale • Company Licensing • Producer Licensing • Rate and Form Review

  4. Regulator Activity After the Sale • Consumer Inquiries and Complaints • Investigations • Market Conduct Examinations

  5. Specific Standards of Conduct • Unfair Trade Practices • Unfair Claims Settlement Practices • Improper Terminations • Suitability Standards for Annuities

  6. Essential Lessons Learned • Competitive Markets Are Necessary • Consumers Do Not Understand Insurance • Open Lines of Communication are Needed • With Consumers • With Industry • Regulation Must Change as Markets Change

  7. Questions and Discussion

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