Insurance industry (1 - 10 of 16 items) in Custom Date Range
Commercial Space Launches: FAA's Risk Assessment Process Is Not Yet Updated
GAO-14-328T: Published: Feb 4, 2014. Publicly Released: Feb 4, 2014.
According to studies, the United States in 2012 provided less commercial space launch indemnification for third party losses than China, France, and Russia. These countries put no limit on the amount of government indemnification coverage which in the U.S. is limited by the Commercial Space Launch Act (CSLA). Governments' commitments to pay have never been tested because there has not been a third...
Homeowners Insurance: Multiple Challenges Make Expanding Private Coverage Difficult
GAO-14-179: Published: Jan 30, 2014. Publicly Released: Jan 30, 2014.
Homeowners insurance policies typically protect homes, garages and other structures, and personal belongings from damage caused by perils such as fire, hail, lightning, explosion, and theft, among others. The insurance industry considers these perils insurable because they are accidental, predictable, and do not involve catastrophic losses. These policies also typically exclude losses from a numbe...
Insurers' Ability to Pay Catastrophe Claims
GGD-00-57R: Published: Feb 8, 2000. Publicly Released: Mar 10, 2000.
Pursuant to a congressional request, GAO provided information on the insurance industry's capacity to pay natural catastrophe claims, focusing on: (1) comparing available data on industry financial resources to estimates of potential insured losses that would result from natural catastrophes of various magnitudes; (2) two recent studies of capacity; and (3) factors that may affect the stability of...
Year 2000: State Insurance Regulators Face Challenges in Determining Industry Readiness
GGD-99-87: Published: Apr 30, 1999. Publicly Released: May 19, 1999.
Pursuant to a congressional request, GAO reviewed the readiness of the insurance industry to meet the year 2000 date change, focusing on: (1) what state regulators were doing to oversee the year 2000 readiness of the insurance industry; (2) how the regulatory oversight of the insurance industry's year 2000 readiness compared with the oversight of the banking and securities industries; (3) the stat...
Insurance Industry: Regulators Are Less Active in Encouraging and Validating Year 2000 Preparedness
T-GGD-99-56: Published: Mar 11, 1999. Publicly Released: Mar 11, 1999.
Pursuant to a congressional request, GAO discussed the banking, securities, and insurance regulators' efforts to validate their year 2000 preparedness.GAO noted that: (1) banking and securities regulators have supplied guidance and direction regarding year 2000 problems, while state insurance regulators GAO contacted have provided little guidance to their regulated institutions; (2) within the ban...
Insurance Ratings: Comparison of Private Agency Ratings for Life/Health Insurers
GGD-94-204BR: Published: Sep 29, 1994. Publicly Released: Oct 7, 1994.
Pursuant to a congressional request, GAO reviewed private agency ratings for life and health insurers, focusing on: (1) the rating systems of the five major raters of life and health insurers; and (2) which raters were first to report the vulnerability of financially impaired or insolvent insurers between August 1989 and June 1992.GAO found that: (1) insurer ratings could not be easily compared, s...
Insurance Industry: Questions and Concerns About Solvency Regulation
T-GGD-91-10: Published: Feb 27, 1991. Publicly Released: Feb 27, 1991.
GAO discussed the condition and regulation of the insurance industry, focusing on the: (1) financial condition parallels existing between the insurance industry and the savings and loan industry; and (2) quality of insurance regulation and oversight. GAO noted that: (1) although the insurance industry had not experienced the difficulties that the savings and loan industry had, failed firms in both...
Tax Policy: The Insurance Excise Tax and Competition for U.S. Reinsurance Premiums
GGD-89-115BR: Published: Sep 25, 1989. Publicly Released: Sep 25, 1989.
Pursuant to a congressional request, GAO examined the effects of the Tax Reform Act of 1986 on competition between U.S. and foreign property and casualty reinsurers in the U.S. market.GAO found that: (1) available data were inconclusive regarding the act's effects on the competitiveness of U.S. reinsurers in the domestic market; (2) the foreign share of the U.S. reinsurance market rose from 26.1 p...
Current Problems in the Availability of Insurance
129567: Mar 4, 1986
GAO discussed its 1979 report on issues and needed improvements in state regulation of the insurance industry. GAO found that insurance availability was affected by: (1) redlining, which is the arbitrary denial of insurance to everyone living in a particular neighborhood; (2) subjective underwriting practices which could result in consumers being denied essential insurance because of unsubstantiat...
Tax Administration: Information on How the Property/Casualty Insurance Industry Is Taxed
GGD-86-16FS: Published: Oct 16, 1985. Publicly Released: Oct 16, 1985.
In response to a congressional request, GAO presented charts containing information on the taxation of the property/casualty insurance industry.The charts show the industry's current tax situation, the market share held by top company groups within the industry, and expected taxes generated by various revenue proposals. The data used to construct the charts came from publicly available information...