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 20th century, 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.
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.