The Interstate Insurance Product Regulation Commission is an organization that promotes standards for life insurance products in the United States. It approves or disapproves individual and group products such as annuity, life insurance, disability income, and long-term care policies. [1] States must agree to the compact by legislation and its rules are subject to judicial review. [2]
The commission was created in 2002 by members of the National Association of Insurance Commissioners. [1] Its mission statement is to "serve[] insurance regulators, consumers and providers by improving the efficiency and effectiveness in the ever-changing insurance marketplace." It serves as a clearinghouse for insurance companies' policy form filings. [3]
Following its creation, forty-five states joined the compact, the final one being Delaware in 2021. [4] South Carolina withdrew in 2022 following a dispute with the Commission over its authority to approve long-term care rate increases. [1]
The commission's authority was called into question in 2020 following the decision of ''Amica Life Insurance Company v Wertz'', in which the Colorado Supreme Court ruled that a standard 2-year suicide exclusion for life insurance contracts conflicted with state law and was an unauthorized delegation of authority to the commission. [5] [6]
A common carrier in common law countries is a person or company that transports goods or people for any person or company and is responsible for any possible loss of the goods during transport. A common carrier offers its services to the general public under license or authority provided by a regulatory body, which has usually been granted "ministerial authority" by the legislation that created it. The regulatory body may create, interpret, and enforce its regulations upon the common carrier with independence and finality as long as it acts within the bounds of the enabling legislation.
The Interstate Commerce Commission (ICC) was a regulatory agency in the United States created by the Interstate Commerce Act of 1887. The agency's original purpose was to regulate railroads to ensure fair rates, to eliminate rate discrimination, and to regulate other aspects of common carriers, including interstate bus lines and telephone companies. Congress expanded ICC authority to regulate other modes of commerce beginning in 1906. Throughout the 20th century, several of ICC's authorities were transferred to other federal agencies. The ICC was abolished in 1995, and its remaining functions were transferred to the Surface Transportation Board.
The Federal Energy Regulatory Commission (FERC) is an independent agency of the United States government that regulates the interstate transmission and wholesale sale of electricity and natural gas and regulates the prices of interstate transport of petroleum by pipeline. FERC also reviews proposals to build interstate natural gas pipelines, natural gas storage projects, and liquefied natural gas (LNG) terminals, in addition to licensing non-federal hydropower projects.
The Commerce Clause describes an enumerated power listed in the United States Constitution. The clause states that the United States Congress shall have power "to regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes". Courts and commentators have tended to discuss each of these three areas of commerce as a separate power granted to Congress. It is common to see the individual components of the Commerce Clause referred to under specific terms: the Foreign Commerce Clause, the Interstate Commerce Clause, and the Indian Commerce Clause.
In the United States, an interstate compact is a pact or agreement between two or more states, or between states and any foreign sub-national government.
A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice.
The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories.
The McCarran–Ferguson Act, 15 U.S.C. §§ 1011-1015, is a United States federal law that exempts the business of insurance from most federal regulation, including federal antitrust laws to a limited extent. The 79th Congress passed the McCarran–Ferguson Act in 1945 after the Supreme Court ruled in United States v. South-Eastern Underwriters Association that the federal government could regulate insurance companies under the authority of the Commerce Clause in the U.S. Constitution and that the federal antitrust laws applied to the insurance industry.
Health policy can be defined as the "decisions, plans, and actions that are undertaken to achieve specific healthcare goals within a society". According to the World Health Organization, an explicit health policy can achieve several things: it defines a vision for the future; it outlines priorities and the expected roles of different groups; and it builds consensus and informs people.
Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance. These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of foreign financial conglomerates. With services such as disability insurance, income protection and even funeral insurance, these insurance giants are stepping in to fill the gap where people may have otherwise been in need of a personal or signature loan from their financial institution.
In the European Union (EU), enhanced cooperation is a procedure where a minimum of nine EU member states are allowed to establish advanced integration or cooperation in an area within EU structures but without the other member states being involved. As of October 2017, this procedure is being used in the fields of the Schengen acquis, divorce law, patents, property regimes of international couples, and European Public Prosecutor and is approved for the field of a financial transaction tax.
Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Consumer protection measures are often established by law. Such laws are intended to prevent businesses from engaging in fraud or specified unfair practices to gain an advantage over competitors or to mislead consumers. They may also provide additional protection for the general public which may be impacted by a product even when they are not the direct purchaser or consumer of that product. For example, government regulations may require businesses to disclose detailed information about their products—particularly in areas where public health or safety is an issue, such as with food or automobiles.
The Susquehanna River Basin Commission (SRBC) is a federal-interstate compact commission created by the Susquehanna River Basin Compact (Pub. L. 91-575) between three U.S. states: (Pennsylvania, New York, and Maryland), and the federal government, and signed into law by President Richard Nixon on Christmas Eve 1970 to be effective 30 days later on January 23, 1971.
In the context of healthcare in the United States, a pre-existing condition is a medical condition that started before a person's health insurance went into effect. Before 2014, some insurance policies would not cover expenses due to pre-existing conditions. These exclusions by the insurance industry were meant to cope with adverse selection by potential customers. Such exclusions have been prohibited since January 1, 2014, by the Patient Protection and Affordable Care Act.
Radioactive waste is generated from the nuclear weapons program, commercial nuclear power, medical applications, and corporate and university-based research programs. Some of the materials LLW consists of are: "gloves and other protective clothing, glass and plastic laboratory supplies, machine parts and tools, and disposable medical items that have come in contact with radioactive materials". Waste is generally categorized as high level waste (HLW) and low-level waste (LLW). LLW contains materials such as irradiated tools, lab clothing, ion exchanger resins, animal carcasses, and trash from defense, commercial nuclear power, medical, and research activities. These materials usually have radioactivity that have short half lives—from ranges of multiple days to several hundred years. In 1990, 1.1 million cubic feet of LLW was produced. Currently, U.S. reactors generate about 40,000 cubic meters of low-level radioactive waste per year, including contaminated components and materials resulting from reactor decommissioning.
The Division of Water Resources within the Kansas Department of Agriculture governs the use and allocation of the state's water resources; regulates the construction of dams, levees and other changes to streams; represents Kansas on its four interstate river compacts; and coordinates the National Flood Insurance Program in Kansas. These responsibilities are accomplished through the administration of 30 state laws, including the Kansas Water Appropriation Act, Groundwater Management District Act, Obstructions in Streams, and the Levee Law.
Since the passage of the Affordable Care Act (ACA), there have been numerous actions in federal courts to challenge the constitutionality of the legislation. They include challenges by states against the ACA, reactions from legal experts with respect to its constitutionality, several federal court rulings on the ACA's constitutionality, the final ruling on the constitutionality of the legislation by the U.S. Supreme Court in National Federation of Independent Business v. Sebelius, and notable subsequent lawsuits challenging the ACA. The Supreme Court upheld ACA for a third time in a June 2021 decision.
The Recognition of EMS Personnel Licensure Interstate CompAct, also known as REPLICA, is an interstate compact that extends a "privilege to practice" in the United States from a 'home state' to 'remote states' for qualified Emergency Medical Services personnel. For a state to participate in the compact, a state must pass the model legislation into law. On October 11, 2017, when Georgia signed the REPLICA legislation into law, the EMS Compact was formalized and the Interstate Commission for EMS Personnel Practice was established.
Alabama v. North Carolina, 560 U.S. 330 (2010), was an original jurisdiction United States Supreme Court case. It arose from a disagreement between the state of North Carolina and the other members of the Southeast Interstate Low-Level Radioactive Waste Management Compact over the funding for a joint project. Eight states had formed the compact in 1983 to manage low-level radioactive waste in the southeastern United States. In 1986, North Carolina was chosen as the location for the regional waste facility, and it asked the other states for funding to help with the project. The project stalled and was eventually shut down, despite North Carolina receiving $80 million from the other states. After the project's demise, the other states demanded their money back, but North Carolina refused to repay them, leading to this case.