By William B. Fairley (auth.), J. David Cummins, Scott E. Harrington (eds.)
Property-liability coverage premiums for many traces of commercial are regulated in approximately one-half of the states. more often than not, this me ans that charges needs to be filed with the country assurance commissioner and authorized sooner than use. the rest of the states have numerous different types of aggressive score legislation. those both require that charges be filed ahead of use yet don't need to be authorized or that premiums don't need to be filed in any respect. country ranking legislation are summarized in Rand company (1985). The foremost type of assurance cost rules, past approval, begun within the overdue Forties following the V. S. best court docket determination in usa vs. South-Eastern Underwriters organization, 322 V. S. 533 (1944). This used to be an anti belief case related to certainly one of 4 neighborhood associa tions of insurance firms, which constituted an assurance cartel. The case struck down an prior choice, Paul vs. Virginia, eight Wall 168 (1869), protecting that the company of coverage used to be now not interstate trade and consequently that kingdom rules of coverage didn't violate the trade clause of the V. S. structure. Following South-Eastern Underwriters, the Vnited States Congress handed the McCarran-Ferguson Act, which held that endured nation law and taxation of coverage was once within the public curiosity. The act additionally held that the federal antitrust legislation wouldn't follow to coverage to the level that the company used to be competently regulated through country legislations. (See V. S. division of Justice 1977.
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Before presenting the systematic risk estimates, a few observations on the appropriateness of using figures from the Value Line sam pie to provide a measure of underwriting risk for Massachusetts firms are needed. Table 2-2 summarizes selected financial data for the Value Line sampie and for seven of the ten largest writers in Massachusetts for which the relevant data were available in Moody's Bank and Finance Manual. 1l These seven firms represent about 40 percent of the Massachusetts auto market in terms of premiums written.
The Fairley model's use of Treasury bill rates to impute investment income can be defended on a number of grounds. First, current market yields should always be used in preference to embedded or trended (a common actuarial practice) yields. Investors are interested in wh at they will earn on currently invested assets, not in past history . The practical effect of using embedded yields is to understate the profit ability of ins uran ce when yields are rising and to overstate it when yields are falling.
115(January 1):119-229. Hili, R. D. 1978. Capital market equilibrium and the regulation of property-liability insurance. D. dissertation, Department of Economics, Massachusetts Institute of Technology. April. Ibbotson, R. , and R. A. Sinquefield. 1976. Stocks, bonds, bills, and inflation: Year-by-year historical returns (1926-1974). Journal 01 Business 49(January): 11-47. C. ) 1972. Studies in the Theory 01 Capital Markets. New York: Praeger. Joskow, P. L. 1973. Cartels, competition, and regulation in the property-Iiability insurance industry.