Introduction to Regulation of Insurance

• Fair Credit Reporting Act
• privacy protection
• Terrorism Risk Insurance Act (TRIA)

bars a financial institution from disclosing a consumer's nonpublic personal information to an unaffiliated third party without disclosure and an opt out option.

The Federal Trade Commission Act (FTCA) makes deceptive or unfair trade practices illegal.

Because medical information is often involved in underwriting auto insurance or settling bodily injury or workers compensation claims, HIPAA clearly affects property and casualty insurers as well as health insurers.

• Covered lines currently include commercial property, commercial liability, and workers compensation insurance.To be covered under TRIA, an act must be
• violent or dangerous to human life, property, or infrastructure
• have resulted in damage within the United States, or to an air carrier as defined in the United States code, or to a US flag vessel or other vessel based principally in the United States and insured under US regulation, or on the premises of any US mission (e.g., an embassy or consulate)
• and produce aggregate losses in excess $5 million.