From the first property insurance company in 1752 to the current market, insurance regulations have grown and evolved. The process built slowly and then grew in the latter half of the 20th century. B2B Insurance is only one piece of the regulations in place and under scrutiny today.
A Consolidated Timeline
To understand how we got to where we are today in the insurance industry, one must look to the past. Following is a brief timeline of the events that shaped the industry:
Founding Father Benjamin Franklin helped form The Philadelphia Contributionship for The Insurance of Houses from Loss by Fire in 1752.
New Hampshire appointed an insurance commissioner in 1851 to oversee the industry in the state.
The NAIC became an “advisory body’ to oversee interstate insurance relationships as well as helping to strengthen and unify each individual state.
States were given the responsibility and right to regulate the insurance business when in 1945 Congress passed the McCarran-Ferguson Act.
Federal regulation and state deregulation of the insurance business started in 2010 with the Dodd-Frank Wall Street Reform and Consumer Protection Act.
While not a comprehensive list of everything that has happened to grow, change and strengthen the insurance industry, it is always a good idea to see where we have come from. The history of B2B Insurance is an integral part of the regulation of the industry.