The Legal Framework That Governs Insurance and Financial Services 

The insurance and financial services industries operate within a strict set of rules designed to protect consumers, ensure fair competition, and maintain market integrity. This page provides direct access to authoritative sources, summaries of key laws and regulations, and citations for further reading. All resources link to their original documents to ensure accuracy. 

State-Level Regulations (Indiana Example) 

• Indiana Department of Insurance (IDOI)

• Summary: Regulates insurance products, agent licensing, and consumer protections in Indiana.

• Citation: Indiana Code Title 27 – Insurance

• Link: Indiana Department of Insurance – Laws & Regulations

Producer Licensing Rules

• Summary: Defines licensing requirements, continuing education obligations, and renewal processes for insurance producers.

• Citation: Indiana Code 27-1-15.6

• Link: Producer Licensing Statute

Federal-Level Regulations (H2)

Gramm-Leach-Bliley Act (GLBA)

• Summary: Establishes privacy rules for financial institutions, including requirements for protecting consumer data and disclosing privacy policies.

• Citation: Public Law 106–102

• Link: Gramm-Leach-Bliley Act – Full Text

Dodd-Frank Wall Street Reform and Consumer Protection Act

• Summary: Overhauled financial regulation after the 2008 crisis, establishing the Consumer Financial Protection Bureau (CFPB) and enhancing oversight of financial products.

• Citation: Public Law 111–203

• Link: Dodd-Frank Act – Full Text

SEC Investment Adviser Regulations

• Summary: Sets fiduciary and disclosure requirements for investment advisers registered with the Securities and Exchange Commission.

• Citation: Investment Advisers Act of 1940 (15 U.S.C. § 80b)

• Link: SEC Investment Adviser Act

Insurance-Specific National Standards 

NAIC Model Laws & Regulations

• Summary: The National Association of Insurance Commissioners develops model laws to promote uniformity among state insurance regulations, covering topics from product suitability to annuity disclosure.

• Citation: NAIC Model Regulation 275 – Suitability in Annuity Transactions

• Link: NAIC Model Laws & Regulations

Suitability in Annuity Transactions

• Summary: Requires agents to gather client information to ensure annuity recommendations are suitable based on the consumer’s needs and objectives.

• Citation: NAIC Model Regulation 275

• Link: Suitability in Annuity Transactions – Model Law

Anti-Money Laundering (AML) & Financial Crimes

Bank Secrecy Act (BSA)

• Summary: Requires financial institutions, including certain insurance companies, to assist government agencies in detecting and preventing money laundering.

• Citation: Public Law 91–508

• Link: Bank Secrecy Act Overview – FinCEN

USA PATRIOT Act – Section 352

• Summary: Expands AML program requirements, including the need for written compliance programs and regular training.

• Citation: Public Law 107–56

• Link: USA PATRIOT Act – FinCEN Summary

Use of This Resource 

This page is intended as an educational reference and should not be considered legal advice. Regulations are subject to change, and you should always confirm current requirements directly with the governing agency or your compliance department.

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