2010년 미국금융개혁법상 보험업에 대한 규제개선과 시사점
Regulatory Improvements for the Insurance Industry under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and Its Implications
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As the U.S. is the largest single national insurance market in the world, the way it regulates insurance has a significant impact on the global standards for insurance regulation. In the aftermath of the recent financial crisis, broad financial regulatory reform legislation was advanced. Ultimately Congress passed,and the President Obama signed, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank Act largely responded to the financial crisis that came to the head in September 2008, but other efforts to revise the state-based system of insurance regulation also preceded this crisis. Members of Congress previously introduced both broad legislation to federalize insurance regulation in the way that is mentioned in the regulation of the banking sector, as well as narrowly tailored bills addressing specific perceived flaws in the state-based system. Title V of the Dodd-Frank Act addressed specifically insurance, with a subtitle creating a Federal Insurance Office and a subtitle streamlining the existing state regulation of surplus lines and reinsurance. The Federal Insurance Office is to monitor all aspects of the insurance industry and coordinate and develop policy relating to international agreements. It has also limited authority to preempt state laws and regulations when these conflict with international agreements. The Act harmonizes regulation and taxation of surplus lines insurance by providing the “home state” of the insured with the sole authority to regulate and collect the taxes on a surplus lines transactions. For reinsurance transactions, the Act empowers the home state of the insurer purchasing the reinsurance over the transaction while enable the home state of the reinsurer to regulate the solvency of the reinsurer. In addition to Title V’s specific insurance provisions, various other parts of the Act may affect insurers and the insurance industry, including provisions addressing systemic risk, consumer protection, investor protection, and securities regulation. This article reviews how insurance markets were affected by the financial crisis, summarizes the provisions of the Dodd-Frank Act relating to insurance, and draws those implications for the Korean insurance industry.
Abstract
As the U.S. is the largest single national insurance market in the world, the way it regulates insurance has a significant impact on the global standards for insurance regulation. In the aftermath of the recent financial crisis, broad financial regulatory reform legislation was advanced. Ultimately Congress passed,and the President Obama signed, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank Act largely responded to the financial crisis that came to the head in September 2008, but other efforts to revise the state-based system of insurance regulation also preceded this crisis. Members of Congress previously introduced both broad legislation to federalize insurance regulation in the way that is mentioned in the regulation of the banking sector, as well as narrowly tailored bills addressing specific perceived flaws in the state-based system. Title V of the Dodd-Frank Act addressed specifically insurance, with a subtitle creating a Federal Insurance Office and a subtitle streamlining the existing state regulation of surplus lines and reinsurance. The Federal Insurance Office is to monitor all aspects of the insurance industry and coordinate and develop policy relating to international agreements. It has also limited authority to preempt state laws and regulations when these conflict with international agreements. The Act harmonizes regulation and taxation of surplus lines insurance by providing the “home state” of the insured with the sole authority to regulate and collect the taxes on a surplus lines transactions. For reinsurance transactions, the Act empowers the home state of the insurer purchasing the reinsurance over the transaction while enable the home state of the reinsurer to regulate the solvency of the reinsurer. In addition to Title V’s specific insurance provisions, various other parts of the Act may affect insurers and the insurance industry, including provisions addressing systemic risk, consumer protection, investor protection, and securities regulation. This article reviews how insurance markets were affected by the financial crisis, summarizes the provisions of the Dodd-Frank Act relating to insurance, and draws those implications for the Korean insurance industry.
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