Insurance is strictly governed by state statutes that protect consumers from unethical practices in the insurance industry. These statutes have strict guidelines for prompt payment of claims, due diligence requirements for investigating claims, and many more. If you are having trouble getting payment from your insurance company then you may have an insurance bad faith claim. Insurance bad faith statutes include strong incentives for insurance companies to comply. These statutes include punitive/treble damages and attorney fee shifting provisions. If you have any dispute with your insurance company contact us immediately. Early intervention and counsel may make the difference between a valid claim under the various applicable insurance statutes and an invalid one.
The Federal Statute, 15 U.S. Code § 1012, gives the states authority to govern insurance companies, therefore most laws and regulations will be promulgated from the specific state in which you reside.
With that said, here is a non-exhaustive list of federal statutes that pertain to the insurance industry.
Important Federal Statutes:
The Americans with Disabilities Act (ADA), 42 U.S.C.A. §§ 12101 et seq.
The ADA prohibits employers from discriminating against disabled employees' use of employer-sponsored health insurance plans.
Employee Retirement Income Security Act (ERISA), 29 U.S.C.A. §§ 1001 et seq.
In addition to regulating retirement plans, ERISA also regulates employee benefits such as group life and health insurance.
The Family and Medical Leave Act (FMLA), 29 U.S.C.A. §§ 2601 et seq.
The FMLA gives employees the right to maintain health insurance coverage while on leave for medical reasons or to take care of a family member.
The Patient Protection and Affordable Care Act, 42 U.S.C.A. §§ 18001 et seq.
The health care reform law passed in 2010 will eventually prohibit health insurance companies from denying coverage or claims on the basis of pre-existing conditions. It will also establish health insurance exchanges and will eventually require all Americans to maintain health insurance coverage.
Below find insurance related statutes for all 50 states:
Texas Finance Code Sec. 180.153. PROHIBITED ACTS AND PRACTICES. An individual or other person subject to regulation under this chapter may not: (15) cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer