|
KBW U.S. Insurance Sector Index (KIX)
Insurance is a product that requires the insurance company to make an accurate estimate about the health of a person, probability of an injury or probability of a natural catastrophe and then accurately pricing that product that transfers the risk from the individual or corporation to the insurance company. The insurance company is estimating that it will not have to pay a claim under the scope and terms of coverage of the policy. The consideration and analysis of those individual and corporate risks is known as underwriting commercial lines and personal lines. Commercial insurance is purchased for property damage, directors and officers liability, workers' compensation, general liability, umbrella coverage.
In the United States (and within other nations) the insurance industry is highly regulated. However, in the United States there is no Federal insurance regulator / supervisor. Rather, all regulation is at the state level, with each state having its own separate statutes and Commissioner / Supervisor for oversight. There is an ongoing debate in the United States as to whether state regulation is adequate or whether there should be a blanket set of guidelines and regulation at the Federal level.
Insurance is sold either directly by the company (web site, direct advertising) or by Agents. Captive Agents sell the insurance of one insurance company, while Independent Agents / Brokers sell the products of several insurance companies. Some of the major insurance brokerages in the united States includeMarsh & McLennan, Aon Corporation, Willis Group Holdings, Kay Insurance Associates. Insurance brokers have a fiduciary requirement to locate the best priced offer for the the type and comprehensive insurance coverage that the client requests. In return for placing the coverage with a specific insurance company, the Broker usually receives a fee known as a placement service agreement contingency fee, and usually amounts to a percentage of the total amount of the policy underwritten. Brokers also place reinsurance coverage for many insurance companies. An occurrence in this part of the business is known as tying or leveraging the placement of primary risk with an insurer in order to also obtain some of the insurer's secondary reinsurance business.
In Spring, 2004, the office of the New York Attorney General opened an investigation into the industry practice of the payment of the contingency fees by insurers to brokers. The investigation is an attempt to determine if the contingency fees that are paid in exchange for high volume business or lucrative business results in a conflict of interest for brokers. In response to the investigation, in October 2004, the Oficce of the Attorney General files charges against Marsh & McLennan, AON and AIG, alleging that even though the fees were being disclosed these companies were still orchestrating phoney competitive bids for business and were still awarding corporate business to those insurance companies that paid the highest contingency fees. This resulted in the CEO of Marsh resigning his office, a curtailment of the contingency fee collected by all three companies and pending payment of penalties in order to settle the charges. The companies may also face private litigation / class-action suits from customers.
Please also see the separate Life Settlement / Viatical Page.
Life insurance companies are in the business of collecting annual policy premiums and then investing theses sums into appreciating and earning assets that will grow in value annually than the future value of the death benefit paid at the time of death of the policy holder. These companies must manage log-term assets to meet long-term liabilities.
An insurnace agent must be licensed by the state(s) that they market and underwrite policies in and may also have a professional accredidation as either a Chartered Life Underwriter (CLU) and Life Underwriter Training Council Fellow (LUTCF).
A variable life insurance policy can also be in the form of a variable annuity account that is spread across several mutual fund-like investment funds (sub-accounts). There is some controversy over holders of these annuities using them to engage in rapid market timing trading (transfers between the various accounts that are invested in differenet asset classes) against the indicated guidelines of the funds and at the expense of other investors (as the fees are spread among all of the investors in a pooled account). Secondly, as the annuity is tax defered, this would allow the holder of the annuity to earn substantial capital gains without paying any present taxes. Tax deferred annuities are only allowed to owned by individuals.
Major life insurance companies include:
Health insurance coverage is underwriting and providing hospitalization and managed care coverage to individuals, either through an individual policy or a group coverage plan through place of employment, in the event the policy holder has a medical emergency. Dental insurance is also included within this category.
Health care costs continue to increase every year in the United States at a rate higher than the overall inflation rate. Insurance companies continue to increase premium rates at a rate higher than patient healthcare costs in order to offset the higher level level of reimbursement required of them under the terms of policy coverage and employer's healthcare costs continue to increase correspondingly. The only way to control costs is to control doctor's fees, limiting the scope and type of procedures covered by policies, reduce hospital usage and length of stay and the use of generic and over-ther-counter pharmaceuticals. In addition, there has been a continued trend toward employers reducing benefits and shifting more of the coverage expense to employees, requiring increased contributions (automatic paycheck deductions) from employees.
Another response to control costs has been to allow insured policy holders design their own coverage plan. Depending on the age and health of the insured, they could select a high or low deductable for routine doctor's office visit or for potential hospitalization, the level of co-payment for doctor's office visit, level of hospital / surgery coverage. It also allows employer group coverage plans to allocate a fixed amount per employee and the employee can decide how the amount should be utilized.
Some healthcare insurers have been accused of being too agressive in controlling costs, for instance such as requiring certain procedures be conducted as outpatient procedures rather than in a hospital, which eventually led to the filing of some class action suits by the medical care profession claiming that the insurers were interfering with proper patient care.
In 2002 the Health Coverage Tax Credit was enacted in order to assist unemployed individuals by offering tax credits (or an advanced payment option) so that the individual could purchase basic health care coverage. The program is very specific such that only persons who lost their job due to foreign imports (an have no federal tax liability) may qualify for the program. Unfortunately, in some areas of the United States health insurance premiums are substantially higher than the individual could afford even with the amount of the credit toward the cost of the premium.
The Medicare reform bill went into effect on January 1, 2004, which provides perscription drug benefits to retirees. Immediately afterward there was considerable controversy related to the cost of the program. Medicare is expected to insolvent in 2019 (and Social Security is expected to be insolvent in 2042).
Some of the largest health insurers in the United States include Aetna, Cigna, Coventry, Humana, UnitedHealth Group, Wellpoint.
In November 2009, a Senate Commerce Committee report indicated that the percentage of premiums spent on medical claims
(medical loss ratio in the commercial health insurance market) was contrary to industry claims of 87% (87 cents
per dollar premium). Rather, the overall rates reported by the large insurance companies was 81.5% to 84.8%, and that on
average over the past decade the percentage was closer to 80%, and that individual and small group segments were even lower
(below 80%) than large group segments (the insurance companies do not release segment specific medical loss ratio).
The issue is that the for profit insurers appear to be providing more profits to investors by spending a lower percentage of
premium dollars on patient care than compared to other insurers.
U.S. Senate Committee on Commerce, Science, and Transportation Press Release
Property & Casualty Insurance is coverage from everything such as residential home owner policies to overseas development projects to marine vessel to public concerts/sporting events to medical malpractice to asbestos claims. Property coverage is for fire, flood, earthquake, wind and boiler damage that affects a structure and the contents (furniture and fixtures).
Home insurance is required in the United States by lenders on residential and commercial properties and the coverage must be at a minimum for full replacement value. However, over time it is found that residential properties tend to be underinsured due to rising construction costs, substantial home improvement projects and renovations that increase the value of the property, and revisions in insurance underwriting that do not cover special architectural details or improved building codes.
In a bad year, property insurers can pay out more in claims than in premium income collected. In addition, as they own long-term assets, if bond or equity markets are down they also see a reduction in the mark-to-market value of their portfolio, lower interest income from bond investments, and lower capital gains from lower valued equities and debt instruments.
One way for the industry to control settement payouts is to offer mitigation discounts to residential property policyholders, which also reduces insurance premiums for homeowners who add mitigation infrastructure such as roof tie-downs and storm shutters.
In some U.S. coastal states where there has been a recent history of weather-related problems and insurance companies have pulled back from writing new policies or renewing existing, the state government has had to intercede. For instance, the Texas Wind Insurance Association (TWIA) was established in 1971 by legislative mandate to provide wind and hail insurance for Texas Gulf Coast property owners in the event of catastrophic loss. The TWIA is actually the provider of last resort, which provides basic coverage unavailable in traditional markets for consumers who might otherwise be left uninsured. The TWIA consists of a pool of all property and casualty insurance companies authorized to write coverage in Texas, which provides wind and hail coverage when insurance companies exclude it from their homeowners and other property policies sold to residents of 14 coastal counties in Texas.
Property and causalty insurance underwriting in the State of Florida has also incurred problems due to a total of eight Category 3 strength hurricanes occurring in between the 2004 and 2005 hurricane seasons.
In the United states, the Terrorism Risk Insurance Act of 2002 is an attempt to put some limit on the total claims a property and casualty insurance companies may experience, and the federally financed subsidy provided by the Act has been extended through December 31, 2014. See Below.
Major U.S. property & casualty insurance companies include:
In the United States, all private passenger and commercial automobile vehicles are mandated by law to maintain automobile liability insurance. Some states in the U.S. have a no-fault insurance ploicy claim procedure. The largest automotive insurance companies in the United states, by revenue, are State Farm Mutual Automobile Insurance Co., Allstate Corp., Geico, Inc., and Progressive Corp. In the United States, the personal automotive insurance market is approximately $160 billion in size. The industry has become very competitive and Geico and Progressive have experienced the most market share growth over the past several years through direct marketing (automotive insurance is usually sold through the traditional broker / agent network) and technologically advanced websites, which will either compare several competitor's price offerings and breakdown policies into specific customized components. Younger consumers are more comfortable with purchasing directly through the insurer's website however this is also a high risk age group. Older drivers who also may have a homeowner's insurance policy and life insurance policy also can receive a competitive rate by having all of their insurance coverage with a single insurance company that offers all of those products (the older age group also have less speeding tickets and accident claims).
The automotive insurance market in the U.S. has had slower growth since 2008 as consumers have either put off the purchase of a new automobile or have reduced the number of automobiles owned by a family, which is directly related to economic recession conditions. Thus, insurers have been writing fewer new policies. In addition, consumers switch rapidly to a lower cost provider with a higher deductable in order to reduce the monthly premium. Thus, as insurers lose policies to attrition the new policies provide a lower cash flow then previous policies.
Insurance companies offer a "deductable" to automotive insurance purchasers. A deductable is the amount that the automobile owner must pay for repairs to damage as the result of an accident before the insurance company must pay for repairs. The higher the deductable (the amount the insured driver must pay) the lower the premium for insurance coverage. This is because the insured driver is assuming more of the risk and lowering the liability to the insurance company.
Some insurers have offered substantial reductions in premium payments to those drivers who agree to have a CPU / sensor installed in the automobile that will record mileage, time and speed, the point being that if the driver consistently observes stated speed limits then they are due a preferential rate.
Insurance companies also offer discounts for anti-theft devices such as window etchings (the Vehicle Identification Number / VIN is etched in the widshield, rear window or the door glass of the automobile; vehicle recovery device (homing device used in conjunction with a local police department); audible alarm; active disabling device (renders the fuel, ignition or starting device inoperable).
Medical Malpractice insurance covers doctors in both independent practice and those connected to hospitals. In response to premiums that have increased substantially enough to force some doctors out of certain practices out of practice all together, some states have begun legislating caps on noneconomic court damage awards for pain and suffering. One of the largest underwriters in the United States is Medical Protective Company.
Reinsurance is essentially providing insurance coverage (entire risk or a portion) to primary insurance underwriters (the ceding company) in order to expand the potential exposure among a greater number of insurance companies so that no single insurer would incure a liability claim that would damage their blance sheet.
In 2004 / 05, the SEC and the New York Attorney General's office subpoenaed several companies (Berkshire Hathaway, ACE, Ttd., Platinum Underwriters Holdings, Ltd., MBIA, Inc., Swiss Reinsurance Co., Zurich Financial) in order to review the practice of non-traditional insurance, loss mitigation insurance, retroactive insurance, alternative risk transfer, finite risk and / or financial insurance. This practice resembles reinsurance policies however in practice may just be a loan. Sometimes the policies are written to cover losses that have already incurred or may set a limit on the loss to the policy underwriter.
Major reinsurance companies include:
A Captive Insurance Company is a subsidiary of non-insurance related corproation (or an established insurance company) that would like to self-insure (establish reserves that can be utilized if a loss is incurred and can only be used by the parent). The business of the captive and the control of the company is entirely influenced by the owners (the insured beneficiaries / policy holders). In addition, a company may have an established insurance company underwrite the primary coverage than have it ceded to the captive who then functions as a reinsurer to the parent. They are usually established on an offshore domicile (Bermuda, the Cayman Islands, Guernsey, the Isle of Man, Barbados, Luxembourg, the British Virgin Islands, Gibraltar and Dublin) or within certain states (Colorado, Tennessee, Virginia, Vermont, South Carolina and Hawaii) in the United States. The creation of the captive and the self-insurance program is usually less-expensive for the parent than purchasing commercial coverage and it may also be the only alternative available for some companies that cannot obtain the type of insurance coverage they are seeking. The captive itself is subject to regulation of the location of its domicile, covering operating expenses, capable of collecting premiums and paying losses, subject to tax and accounting audit and reporting, and many of the captives are actually rated by the public credit rating agencies.
From a tax perspective, when the reserve is created it allows the company to accelerate the deduction upfront in the first year as opposed to waiting until the loss is actually incurred. In addition, the parent insurance company may also borrow the idle funds available from the captive, which allows it to take a further tax deduction on the interest paid to the captive subsidiary.
Captives share some similarities with Public Entity Pools (PEP). A PEP is usually a not-for-profit, local government risk sharing pool for the municipalities of a specific state or region of the state, which is established to provide risk financing to its members for general liability, automotive liability and property damage and other property coverage common to public governments. PEPs were created in response to the high cost of insuring the operations and liabilities of a municipality.
There are 2 types of marine pleasure craft policies with the type of coverage based on the length of the craft. Insurance coverage termed as a Boatowner policy is usually used to provide coverage for craft 26 feet or less, while Yacht owner policies usually provide coverage for craft in excess of 26 feet. The common features of these policies are that they provide coverage for physical damage, liability and medical payments related to the usage of the craft.
Physical damage coverage is usually for the craft itself (hull), inboard or outboard motor(s), electronics, spar and sails if a sail boat, possibly the craft's trailer and / or dinghy and possibly some personal property located on the craft and used in the normal operation of the craft, either afloat, ashore or in transit. The coverage amount may be for Actual Cash Value (current replacement cost less depreciation) or for an Agreed Value that may exclude depreciation. The coverage is for damage from fire, hurricane, collision, theft, etc.
Protection and indemnity liability coverage provides for property damage (to another vessel or dock) or bodily damage that may be incurred during the usage of the craft. Some of the coverage may overlap with coverage under a person's homeowner policy. In addition, there is usually a deductable amount (negotiated at the time of purchase of the policy) that must be incurred by the policy holder prior to the terms insurance policy coverage becoming active. The liability coverage is for damage to the property of others and liability arising from bodily injury or death to others, including a professional, paid captain and / or crew.
Medical coverage would provide payment of expenses for you and your guests to meet medical and surgical expenses if injured while on the boat or yacht, either afloat or docked.
Personal effects coverage provides coverage for loss or damage of personal property and / or fishing gear aboard the boat or yacht.
Commercial towing and assistance if in the event of an emergency the boat or yacht becomes disabled while afloat / offshore and / or while docked.
Oil or fuel (gasoline / diesel) spillage liability coverage provides payment for containment, cleanup and property damage under pollution laws.
Crew coverage provides liability coverage in the event of bodily injury to a paid crew member, as it applies to general maritime law.
In the United States, marine pleasure craft must have a Survey (inspection) tha determines that the vessel is in compliance with the boating safety standards set by the National Fire Protection Association (N.F.P.A.) and the American Boat and Yacht Council (A.B.Y.C.), as well as U.S. Coast Guard standards. The survey should be conducted by a member of either the National Association of Marine Surveyors (NAMS) and the Society of Accredited Marine Surveyors (SAMS).
In the United States, terrorism once seemed a remote possibility and terrorism insurance was usually added as an inexpensive rider to a property and casualty policy (or was actually included in coverage). However, after September 11, 2001, many insurance companies either priced the coverage beyond the means of most commercial property owners or just curtailed offering the coverage all together. The inability of owners and potential purchasers of commercial real estate to obtain terrorism coverage caused many lenders to decline from refinancing existing properties or underwriting purchases or new construction. The three credit rating agencies (S&P, Moody's and Fitch) actually downgraded billions of dollars in real estate related issued securities due to the inability of many properties in the asset pool from obtaining adequate coverage.
The U.S. government stepped in to try and alleviate the situation by passing the Terrorism Risk Insurance Act in 2002 (TRIA). The Act provided support to insurance companies in the event that they faced catastrophic damage claims. The Act helped to bring insurers back into the market and helped lower premiums charged for the coverage. Under the terms of the Act, the government committed to cover up to 90% of $12.5 billion in claims faced by insurers, to a combined total of $100 billion (in 2005 the coverage increased to $15 billion). The Act was due to expire December 31, 2007. However, on November 18, 2007, the U.S. Senate voted to extend the Terrorism Risk Insurance Act for an additional 7 years, and on December 26, 2007, the Act was again extended under the Terrorism Risk Insurance Program Reauthorization Act, which extended the Terrorism Risk Insurance Act through December 31, 2014. There has been the development of a market that includes new, non-insurance company entities providing competitively priced coverage.
U.S. Treasury Department, Terrorism Risk Insurance Program www.ustreas.gov/offices/domestic-finance/financial-institution/terrorism-insurance/
The Federal Crop Insurance Act (7 USC 1501; 1938) was originally set up to provide insurance coverage to farmers after the farm failures of the Depression era. Now, crop insurance is provided to farmers by major insurance companies and a network of insurance agents / brokerages, and the federal government provides reinsurance coverage to the insurance companies.
Federal Crop Insurance Corporation (FCIC) www.rma.usda.gov/fcic/
Standard Reinsurance Agreement (SRA) and the Livestock Price Reinsurance Agreement (LPRA) www.rma.usda.gov/pubs/ra/
The Risk Management Agency (RMA, created in 1996) of the U.S. Department of Agriculture, is responsible for the operation and management of the Federal Crop Insurance Corporation (FCIC). Within the FCIC, the Insurance Services division has oversight (uniform underwriting and consistent claims processing) of the private sector insurance companies who provide federally subsidized crop insurance coverage to the agricultural sector. Multi-peril insurance programs are authorized by the Risk Management Agency (RMA).
Risk Management Agency www.rma.usda.gov/
Crop Insurance Providers List for 2012 www3.rma.usda.gov/tools/agents/companies/indexCI.cfm
Crops include Apples, Apiculture, Avocados, Barley, Citrus, Clams, Corn, Cotton, Flax, Florida Fruit Trees Forage Production, Grain Sorghum, Green Peas, Livestock, Macadamia Nuts, Macadamia Trees, Millet, Mint, Nursery, Organic Crops, Potatoes, Rangeland, Rice, Rye, Safflower, Soybeans, Sugar Beets, Sugarcane, Sunflowers, Wheat
Crop policies and pilots www.rma.usda.gov/policies/2012policy.html
Please also see the Weather Page.
In the United States, all residential and commercial properties usually have some form of insurance coverage if there is a first mortgage held by a financial institution. These property coverage policies have some form of wind storm damage and flood damage coverage. In recent years, flood and hurricane coverage has become more expensive and sometimes coverage is not even available unless some form of support from the state or federal government is also available (for instance, the Florida Hurricane Catastrophe Fund was created in 1993 to provided reinsurance to insurance companies that continued to underwrite policies in the state, and also created the Citizens Property Insurance Corp., to provide windstorm insurance coverage to those property owners who could not afford the private insurance company premium, "insurer of last resort").
Not only has the insurance industry increased the price of the coverage it has also increased the standard deductible (the amount the policy holder must absorb and pay out of pocket first prior to the insuance company paying for repairs / reconstruction). The deductible has increased the most for properties located within one mile of a coast line. In addition, the coverage and deductible have become incident or event specific: the coverage is for damage sustained from a hurricane not from a "windstorm" when there is no official hurricane warning issued, thus the policy holder must have additional coverage / language in the policy that specifically addresses that event. This type of deductible is in the process of changing from a set dollar amount to a percentage of the coverage value of the property. For example, the insuarnce coverage of the property is $365,000, and the hurricane / windstorm deductible is 3%, then the policy holder will have to pay $10,950 in repair / reconstruction costs prior to the insurance company paying any claim for repair to damages in excess of that amount. The amount of the percentage deductible is computed based upon the georaphy of the property, for instance located in the "hurricane belt", proximity to the shore line or river as opposed to be located inland, the type of storm watch, warning and/or storm classification issued by the National Weather Service / National Hurricane Center, and based upon the underwriting guidelines of the insurer / carrier. In addition, especially in Florida, insurance companies have limited the amount of policies that they will underwrite within a given region. Thus, if a hurricanr comes ashore at a specific point along the coast the insurer will have written only a percentage of policies within that specific geographical area. Finally, some insurance companies will also cap the total amount they are willing to pay on a property and are not providing or guaranteeing full replacement value.
In the United States, the Defense Base Act (1941) requires that any company that sends civilian workers to provide services within a declared war zone must be covered under a workers compensation policy for medical, temporary or permanent disability, death benefits and benefits to widow or children of the policy holder. An additional law, the Wat Hazards Act, stipulates that the U.S. government will reimburse the insurance companies for losses (benefits paid) under workers compensation claims with the exception of accidents tha occur during the normal course of the job duties. The premium for this type of coverage can be quite expensive for a company.
The surplus lines market is an insurance marketplace that is established for the purpose of insuring unique or hard to place risks, which are usually corporate property and casualty coverage. These are non-standard policies (thus, do not contain standard policy language) and the pricing is usually above standard coverage.
This type of policy offered to corporations, small businesses, family-owned businesses and wealthy individuals / trusts provides coverage in the event that the policy holder owes the Internal Revenue Service (United States) a tax payment (including accrued interest and any penalty fee) in the event that a perceived "legitimate" deduction under the tax code is challenged by the IRS. However, the policy only provides coverage under existing tax law in effect the date of when the policy was written. If the tax law is revised by the IRS then the policy is no longer of value. Coverage is limited to specific, bona fide business transactions and asset valuation (in the event of a charitable donation) and does not cover tax shelter structures designed for tax avoidance. These type of policies usually include a deductable (thus the policy holder faces some type of liability) and are primarily designed for coverage for situations where potential losses as a result of an adverse ruling are in the amount of millions of dollars.
In order to reduce the amount of premiums for property insurance and liability insurance that owners and landlords of large residential properties must pay, prospective and existing tenants whose leases are up for renewal are now being required to obtain renter's insurance. The policies are designed to offer 2 areas of coverage. There is a liability coverage policy that will cover the tenant in the event that the rental unit is damaged or destroyed (payable to the landlord) and also covers physical falls by a person that occurs while visiting the tenant's apartment. There is also a rental unit contents policy that provides coverage to the renter in the event that their personal property is stolen or destroyed (however, coverage is exempt from natural disasters such as flood or earthquake; one must purchase separate coverage for these potential events).
The cost of college tuition at both private and public colleges and universities has increased substantially over the past decade. Tuition insurance coverage provides a refund of tuition paid in a given academic year (less the deductaable of any refund from the academic institution) if the student has to leave school for specific medical reasons.
Long-Term Care Insurance provides coverage to an individual if for some reason they are hospitalized for an extended period of time, for instance three to six years. The annual policy premium is realtively expensive and one way of lowering the premium is to take a "long" deductable period, for instance covering your own costs for the first six months to a year before the insurance coverage begins. Deductable periods are usually available from 30 days to two years, however some states manadate that a deductable period may not exceed a certain length of time.
State Insurance Departments (United States)
Alabama Department of Insurance www.aldoi.org/
Alaska Division of Insurance www.dced.state.ak.us/insurance/
Arizona Department of Insurance www.id.state.az.us/
Arkansas Insurance Department (AID) www.insurance.arkansas.gov/
California Dept. of Insurance www.insurance.ca.gov/
Colorado Division of Insurance www.dora.state.co.us/insurance/index.htm
Connecticut Insurance Department www.ct.gov/cid/site/default.asp
Delaware Insurance Commissioner www.delawareinsurance.gov/
District of Columbia Department of Insurance, Securities and Banking disr.dc.gov/disr/site/default.asp
Florida Dept. of Financial Services, Insurance Regulation www.fldfs.com/Companies/
Georgia Commissioner of Insurance www.inscomm.state.ga.us/
Hawaii Department of Commerce & Consumer Affairs hawaii.gov/dcca/areas/ins
Idaho Department of Insurance www.doi.state.id.us/
Illinois Dept. of Insurance www.ins.state.il.us/
Indiana Department of Insurance www.ai.org/idoi/index.html
Iowa Insurance Division www.iid.state.ia.us/
Kansas Insurance Department www.ksinsurance.org/
Kentucky Office of Insurance doi.ppr.ky.gov/kentucky/
Louisiana Department of Insurance www.ldi.la.gov/
Maine Bureau of Insurance www.maine.gov/pfr/insurance/
Massachusetts Division of Insurance www.mass.gov/?pageID=ocaagencylanding&L=4&L0=Home&L1=Government&L2=Our+Agencies+and+Divisions&L3=Division+of+Insurance&sid=Eoca
Michigan Office of Financial and Insurance Services (OFIS) www.michigan.gov/dleg/0,1607,7-154-10555---,00.html
Minnesota Department of Commerce www.state.mn.us/portal/mn/jsp/content.do?subchannel=-536881551&id=-536881351&agency=Commerce
Mississippi Insurance Department www.doi.state.ms.us/
Montana Insurance Division, State Auditor's Office sao.mt.gov/insurance/index.asp
Nebraska Department of Insurance www.doi.ne.gov/
Nevada Division of Insurance doi.state.nv.us/
New Hampshire Insurance Department www.nh.gov/insurance/
New Jersey Division of Insurance www.state.nj.us/dobi/division_insurance/index.htm
New Mexico Division of Insurance www.nmprc.state.nm.us/id.htm
New York State Insurance Department www.ins.state.ny.us/
North Carolina Department of Insurance www.ncdoi.com/
North Dakota Insurance Department www.nd.gov/ndins/
Ohio Department of Insurance www.ins.state.oh.us/
Oklahoma Insurance Department www.oid.state.ok.us/
Oregon Insurance Division www.cbs.state.or.us/external/ins/
Pennsylvania Insurance Department www.ins.state.pa.us/ins/site/default.asp
Puerto Rico Commissioner of Insurance www.ocs.gobierno.pr/ocspr/
Rhode Island Department of Business Regulation www.dbr.state.ri.us/
South Carolina Department of Insurance www.doi.sc.gov/
South Dakota Division of Insurance www.state.sd.us/drr2/reg/insurance/index.htm
Tennessee Department of Commerce & Insurance state.tn.us/commerce/
Texas Dept. of Insurance www.tdi.state.tx.us/
Utah Insurance Department www.insurance.utah.gov/
Vermont Insurance Division www.bishca.state.vt.us/InsurDiv/insur_index.htm
Virginia Bureau of Insurance www.scc.virginia.gov/division/boi/index.htm
Washington Office of the Insurance Commissioner www.insurance.wa.gov/
West Virginia Insurance Commissioner www.wvinsurance.gov/
Wyoming Insurance Department insurance.state.wy.us/
