Are you a party to an insurance class action lawsuit? Insurance is there to protect us, or so we think. This is the time to let a seasoned lawyer take over and counsel you in your possible choices. Where do you find attorneys? Insurance law is not practiced by all and so careful research into the experience of all is vital to your choice of Lawyer. Insurance can be a literal lifesaver but if you are finding difficulties in dealing with your insurance company or need more information on insurance law class action suits, an attorney is your best option.
In the absence of insurance, three possible individuals bear the burden
of an economic loss; the individual suffering the loss; the individual
causing the loss via negligence or unlawful conduct; or lastly, a particular
party who has been allocated the burden by the legislature, such as
employers under Workmen's Compensation statutes.
While types of insurance vary widely, their primary goal is to allocate
the risks of a loss from the individual to a great number of people.
Each individual pays a "premium" into a pool, from which losses are paid out. Regardless of whether the particular individual suffers the loss or not, the premium is not returnable. Thus, when a building burns down, the loss is spread to the people contributing to the pool. In general, insurance companies are the safe keepers of the premiums. Because of its importance in maintaining economic stability, the government and the courts use a heavy hand in ensuring these companies are regulated and fair to the consumer.
Up until 1944, insurance was not considered "commerce" and not subject to federal regulation. But in United States v. South-Eastern Underwriters Association, the Supreme Court held that Congress could regulate insurance transactions that were truly interstate. Congress then enacted the McCarran-Ferguson Act (15 USCS § § 1011) which provided that the laws of the several states should control the insurance business, but that the Sherman Act,the Clayton Act, and the Federal Trade Commission Act were applicable to the insurance business to the extent that it was unregulated by state law.
The McCarran-Ferguson Act, broadly speaking, gives states the power to regulate the insurance industry. While state insurance statutes override most federal laws, some portions of federal law (like federal tax laws) are always commanding. Therefore, when researching whether a particular law governs, a good rule of thumb is to ask whether the inquiry is related to the "business of insurance" (where state law governs), or whether it is related to peripherals of the industry (labor, tax, securities - where federal law governs).
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