Insurance losses (1 - 10 of 16 items)
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...
Ultimate Effects of McCarran-Ferguson Federal Antitrust Exemption on Insurer Activity are Unclear
GAO-05-816R: Published: Jul 28, 2005. Publicly Released: Aug 3, 2005.
This letter transmits our briefing slides describing the potential effects of the federal antitrust exemption included in the McCarran-Ferguson Act (McCarran) on insurer activities. On May 26, 2005, we briefed Congressional staff on the results of our review. Specifically, we assessed existing insurance practices that might violate federal antitrust law absent the McCarran exemption and identified...
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...
Insurer Failures: Differences in Property/Casualty Guaranty Fund Protection and Funding Limitations
GGD-92-55BR: Published: Mar 12, 1992. Publicly Released: Apr 15, 1992.
Pursuant to a congressional request, GAO provided information on state/property casualty guaranty funds, focusing on: (1) the differences in guaranty fund protection among the states; (2) current or potential problems such funds may encounter in paying insolvent companies' claims; and (3) the statutory framework defining the guaranty fund system.GAO found that: (1) policyholders and claimants with...
Insurance Regulation: State Handling of Financially Troubled Property/Casualty Insurers
GGD-91-92: Published: May 21, 1991. Publicly Released: May 22, 1991.
Pursuant to a congressional request, GAO examined how states dealt with financially troubled property and casualty insurers.GAO found that: (1) state regulators used informal actions, formal regulatory actions, rehabilitation, or liquidation to correct financially troubled property and casualty insurers; (2) in 71 percent of failed insurer cases, state insurance regulators delayed regulatory or re...
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...
Insurance Regulation: The Insurance Regulatory Information System Needs Improvement
GGD-91-20: Published: Nov 21, 1990. Publicly Released: Nov 21, 1990.
Pursuant to a congressional request, GAO reviewed the effectiveness and reliability of the National Association of Insurance Commissioners' (NAIC) Insurance Regulatory Information System (IRIS) for early detection and warning of financially troubled property and casualty insurers.GAO found that: (1) state insurance regulators and industry officials had varying opinions about IRIS effectiveness and...
Insurance Regulation: State Reinsurance Oversight Increased, but Problems Remain
GGD-90-82: Published: May 4, 1990. Publicly Released: May 4, 1990.
Pursuant to a congressional request, GAO reviewed property/casualty reinsurance practices and regulations, focusing on: (1) the types and limitations of reinsurance activity data available to regulators; (2) the extent of state reinsurance regulation; and (3) recent regulatory improvements.GAO found that: (1) state regulators could not adequately assess the effect of reinsurance on its participant...
Insurance Regulation: Problems in the State Monitoring of Property/Casualty Insurer Solvency
GGD-89-129: Published: Sep 29, 1989. Publicly Released: Nov 14, 1989.
Pursuant to a congressional request, GAO reviewed state monitoring of property/casualty insurer solvency, focusing on: (1) how state insurance departments detected financially troubled insurers; (2) the resources available to states for monitoring insurer solvency; and (3) the extent to which states shared information and otherwise cooperated in dealing with problem insurers.GAO found that: (1) st...