In most states, legislation requires rating manuals and rating plans that must be filed for approval by the regulatory authority before they are put into application. Insurers are permitted to cooperate in the gathering and sharing of data for rating purposes in the preparation of these manuals and plans. These rating organizations are licensed and supervised by the individual states. (more…)

We can’t discuss about morality, if first we did not recognizing the fraud. What does the insurance fraud means? Most people say it is fraudulent claims made counter to the insurer. If the answer is intuitively correct, as far as it goes, it is not true. Insurance fraud, including but not limited to indicators of fraud, limited and can damage a large number of victims, including policyholders, employees, prospective clients, and insurance company as the center point. (more…)

State regulation states that the business of insurance, and every person engaged therein, shall be subject to the laws of the several states that relate to the regulation or taxation of such business.

Federal Regulation states that No Act of Congress shall be construed to invalidate, impair, or supersede any law enacted by any state for the purpose of regulating the business of insurance, or which imposes a fee or tax upon such business, unless such Act specifically relates to the business of insurance provided, that after June 30, 1948, the Act of July 2, 1890, (more…)