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REGULATION OF INSURANCE AGENCIES The origins of insurance policies in general differs through various countries, limited policies (particularly against damage to homes) can be traced to the 17th and 18th centuries, though establishment of newer policies (such as (in the ''United States v. South-Eastern Underwriters Association'' ruling United States v. South-Eastern Underwriters Assn., 322 U.S. 533 (1944) ), when the Supreme court upheld a ruling stating that policies were commercial, and thus were regulatable as other similar contracts were. Nowadays, many countries - and States in the United States - regulate insurance companies through laws, guidelines and independent commissions and regulatory bodies. These laws and statutes ensure that the policy holder is protected against Bad Faith claims on the insurers part, that premiums are not unduly high (or fixed), and that contracts and policies issued meet a minimum standard. A bad faith action may constitute several possibilities; the insurer denies a claim which is seemingly valid in the contract or policy, the insurer refuses to pay out for an unreasonable amount of time, the insurer lays the burden of proof on the insured - often in the case where the claim is unprovable. Other issues of insurance law may arise when fashion. If an insurer is found to be guilty of fraud or deception, they can be fined either by regulatory bodies, or in a lawsuit by the insured or surrounding party. In more severe cases, or if the party has had a series of complaints or rulings, the insurers license may be revoked or suspended. In the case that an insurer declares Bankruptcy , many countries operate independent services and regulation to ensure as little financial hardship is incurred as possible ( National Association Of Insurance Commissioners operates such a service in the United States The National Conference of Insurance Guaranty Funds ). SEE ALSO
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