History
After Paul v. Virginia, state insurance commissioners formed the National Insurance Convention in 1871 to coordinate; this became the National Convention of Insurance Commissioners and then the National Association of Insurance Commissioners. During the first session, a uniform annual statement was adopted and life insurance companies but not fire insurance companies were required to make reserve deposits to protect their policyholders. In the second session a model law was passed; many states adopted a standard fire insurance policy known as the New York Standard Fire Policy of 1886. It has been argued that the policy was designed to favor the industry, as it contains various conditions which, if not adhered to, render the policy void.
Read more about this topic: National Association Of Insurance Commissioners
Famous quotes containing the word history:
“I believe that history might be, and ought to be, taught in a new fashion so as to make the meaning of it as a process of evolution intelligible to the young.”
—Thomas Henry Huxley (1825–95)
“Most events recorded in history are more remarkable than important, like eclipses of the sun and moon, by which all are attracted, but whose effects no one takes the trouble to calculate.”
—Henry David Thoreau (1817–1862)
“I am ashamed to see what a shallow village tale our so-called History is. How many times must we say Rome, and Paris, and Constantinople! What does Rome know of rat and lizard? What are Olympiads and Consulates to these neighboring systems of being? Nay, what food or experience or succor have they for the Esquimaux seal-hunter, or the Kanaka in his canoe, for the fisherman, the stevedore, the porter?”
—Ralph Waldo Emerson (1803–1882)