NLIC.org

Greg Said:

State or Federal Oversight of Insurance Company's / Policies?

We Answered:

Insurance is regulated at the State level. Not the Federal level.

It has been this way since 1945. This was established by the McCarran-Ferguson Act. http://www.iii.org/media/research/mcf/

"The McCarran Ferguson Act was passed by Congress in 1945. Subject to certain conditions, the McCarran Act essentially returned insurance regulation to the states. The Act was designed to ensure the preeminence of state regulation not to free insurers from federal antitrust laws. "



Therefore, the highest regulatory body will be your state's insurance department. They will regulate all types of insurance that conduct business with in the state. Most insurance departments have a consumer division that can answer questions and address complaints.

Glenn Said:

Federal deposit insurance agencies are insolvent. This means that?

We Answered:

The FDIC isn't insolvent, It has a (current) 500--plus-BILLION-Dollar IV strapped to it's arm hooked straight into the US Treasury ...

It ain't going broke but you and I likely will,

Hazel Said:

If FMLA is a federal law, then why are insurance agencies involved?

We Answered:

Insurance agencies AREN'T involved.

FMLA just says, employees can take off 12 weeks, unpaid, without losing their job. It's NOTHING about insurance. Insurance companies don't approve time off.

Neither the employer nor the employee gets paid by someone, when the employee takes 12 weeks off.

Lori Said:

Is there any federal Agency set up to police the practices of insurance companies?

We Answered:

Insurance is regulated by State, not the Federal Government. In order to sell any policy within a state, it has to be approved by that states department of insurance. To file a complaint, you file it with your state department of insurance.

What is the reason they are giving for denying the claim? In order to be covered by a disability policy, it is going to depend on what the policy says it covers. Disability policies are not standardized at all so you and I could live next door to each other have the exact same illness or injury and one of us might be covered and the other one wouldn't.

Was this a policy you carried through your employment?

If they are denying the claim, they must have given you a reason somewhere along the line.

I can't really try to figure out what you might do next without more details.

Larry Said:

Does anyone know the name of the federal agency that oversees insurance companies?

We Answered:

There is no federal agency.

Insurance companies are regulated at the state level (by each states Insurance Department).

However, there is no database that stores information on all the policies taken out that you can check to see if you are the beneficiary of a policy.

If you have a policy number and know what insurance company the policy was taken out with - you can call that company directly.

I suggest you check the deceases personal papers, safe deposit box (if has one). If the deceased had a homeowners/auto policy you can check with that agent and find out if a policy was taken out through them. If the deceased had a financial adviser - you can contact that person and see if he had a policy with them. You may need to provide papers showing you have been appointed personal Representative of the estate before any financial entities provide you information.