This seminar will examine the key principles, procedures, and emerging trends in the regulation of life, property, and liability insurance in the United States. It is intended not only for those students considering a specialty in insurance law, but also for students seeking to understand how insurance regulation complements and coordinates with regulation of other financial institutions in the U.S. The seminar will focus on the development of state regulation of insurance, the ways in which state insurance departments oversee the financial solvency and market conduct of insurance companies and the activities of insurance agents and brokers, recent developments in federal regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act, how states have chosen to regulate or not regulate transactions such as credit default swaps which resemble insurance, the expanding role of state attorneys general as de facto insurance regulators, and the increasing collaboration of regulators in the U.S. with international supervisors such as the European Union.
In addition to facilitating an understanding of these topics, the other principal objective of this course is to teach students the most effective methods for researching a variety of U.S. insurance regulatory issues of the type they will encounter as lawyers.
Evaluation will include oral class participation and two short research assignments.