Insurance industry in the US needs to evolve rapidly to meet the demands of the fast - changing industry , international law firm chambers & Co has said . The nation 's body of laws governing insurers was created in the 19th and 20th centuries , and its state - mandated structure creates what many now see as artificial barriers to regulation . Failure to adapt could hamper new insurtech innovation , pushing companies to build their businesses overseas in more favourable regulatory environments , the firm argues .
Insurance regulation in the US needs to evolve rapidly to meet the demands of the fast-changing industry, international law firm Clyde & Co has said. The nation's body of laws governing insurers was created in the 19th and 20th centuries, and its state-based structure imposes what many now see as artificial barriers to development. Failure to adapt could hamper new insurtech innovation, pushing disruptors to build their businesses overseas in more favourable regulatory regimes, the firm said.