McCarran-Ferguson Act 1945: Federal legislation that establishes state-level regulation of insurance while maintaining federal oversight. Defines the relationship between federal and state regulatory authority in insurance matters.
Dodd-Frank Act: Federal law that created the Federal Insurance Office (FIO) and establishes key consumer protection provisions for insurance policies. Important for financial aspects and consumer protection in insurance agreements.
ERISA: Employee Retirement Income Security Act - Federal law governing employee benefits and group insurance policies. Must be considered if policy involves employee benefits.
State Insurance Laws: State-specific insurance codes that vary by jurisdiction. Include requirements for policy language, coverage requirements, and state-specific mandated provisions.
State Insurance Commissioner Regulations: Regulatory requirements set by state insurance commissioners, including policy form requirements, rate regulations, and consumer protection provisions.
Insurable Interest Requirement: Basic insurance contract requirement that the policyholder must have a legitimate interest in the subject of insurance to prevent gambling on insurance.
Good Faith and Fair Dealing: Fundamental principle requiring both insurer and insured to act honestly and fairly in their dealings. Must be reflected in policy language and terms.
Consumer Protection Requirements: Mandatory provisions including disclosure obligations, cancellation terms, grace periods, and claims handling procedures that must be included in policy agreements.
Mandated Provisions: State-specific required elements including mandatory coverage, specific exclusions or limitations, and notice requirements that must be incorporated into the policy.
