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Full-Text Articles in Law
Regulation Insurance Sales Or Selling Insurance Regulation: Against Regulatory Competition In Insurance, Daniel Benjamin Schwarcz
Regulation Insurance Sales Or Selling Insurance Regulation: Against Regulatory Competition In Insurance, Daniel Benjamin Schwarcz
Daniel Benjamin Schwarcz
In certain regulatory regimes, including those governing banking and corporate law, firms are permitted to choose among multiple competing regulators. This Article examines the desirability of such regulatory competition in the context of property, casualty and life insurance markets. It analyzes various different approaches to structuring such regulatory competition, including those embodied in two recent reform proposals, the Optional Federal Charter (OFC) and the Single License Proposal (SLP). Ultimately, the Article argues that regulatory competition of any sort would undermine the core goals of insurance regulation, harming consumers, insurers, and third parties.
The British Approach To Consumer Financial Disputes: A Model For Reform In Insurance Law And Beyond, Daniel Benjamin Schwarcz
The British Approach To Consumer Financial Disputes: A Model For Reform In Insurance Law And Beyond, Daniel Benjamin Schwarcz
Daniel Benjamin Schwarcz
Much of insurance law and regulation is concerned with compensating consumers who have been wrongly denied coverage. But policyholders nonetheless have relatively few realistic options for challenging an insurer’s adverse coverage determination. Litigation is often too slow and costly for those who have recently suffered significant financial loss. Meanwhile, the alternative dispute resolution options that do exist – such as the mediation services that insurance regulators offer or the existing variants of insurance arbitration – are generally either ineffective or unavailable for most disputes. This Article proposes a new way forward by looking to the United Kingdom’s innovative Financial Ombudsman …