Insurance Laws and Regulations That Affect Your Growth

Informed Strategies for Growth

One of the most effective ways to grow your insurance business is through informed strategies. Relevant information is critical to your organization’s growth and is a key component in making decisions that will have both short-term and long-term impact on the quality of your organization. Knowing the most significant insurance governing laws and understanding how they impact your product and program offerings is an essential informed strategy.

Eight Laws and Regulations Impacting the Insurance Industry

Over the past decade, a slew of laws, regulations, and revisions thereof, have made their way to the top of the list of legal and regulatory factors impacting the insurance industry. Retail insurance companies looking to add new products and programs to their existing lines should be aware of at least eight laws and regulations that impact their growth opportunities.

  • The Terrorism Risk Insurance Act (2002, rev. 2015, 2019)
  • The Affordable Care Act (2010)
  • The Dodd-Frank Act (2010)
  • The Nonadmitted and Reinsurance Reform Act (2010)
  • The Principles-Based Reserves Regulations (2017)
  • The Credit for Reinsurance Model Law Amendments (2019)
  • The California Consumer Privacy Act (2020)
  • The Department of Labor Fiduciary Rule (updated 2021)

Being aware of these laws and regulations is critical to making informed decisions. Understanding them and how they impact your organization is even more critical. A seasoned and trusted specialty insurance provider is a great resource for helping you keep abreast of these dynamic laws and regulations and helping you design strategic product and program offerings geared toward growing your business.