This paper analyzes the characteristics of U.S. insurers for purposes of determining whether they are systemically risky. More specifically, primary factors (size, interconnectedness, and lack of substitutability) and contributing factors (leverage, liquidity risk and maturity mismatch,...

In this article, the author explains the current state-based insurance regulatory system. Proposed legislation that would expand the federal role in regulating the business of insurance is evaluated in terms of whether it could potentially improve the current state-based insurance regulatory system.

In the recent debate over the appropriate governmental level at which to regulate insurance markets, opponents of a new federal role often raise concerns about the adequacy of consumer protection if regulation is removed from the states. This paper analyzes the need for market conduct regulation...