Unauthorized Insurers Process Act.

Unauthorized Insurers Process Act.
State supervision of insurance business was further strengthened in 1949 by the enactment of the Unauthorized Insurers Process Act in 15 states and by the adoption of fair-trade practice acts in 5 additional states. Approved as a model draft by the insurance commissioners in December 1948, the former was designed to provide more adequate state regulation of mail-order insurance. Under Public Law 15, the Federal Trade Practices Act now applies to the business of insurance to the extent such practices were not regulated by state law. The five states enacting this type of legislation in 1949 brought the total to 24 states.
The decision of the United States Supreme Court in the case of Connecticut Mutual vs. Moore, upholding the constitutionality of the New York Unclaimed Funds Law relating to life insurance, provoked considerable interest in similar laws in a number of states. As the Supreme Court's decision left unsolved several important jurisdictional problems, a subcommittee of the Joint Legislative Committee prepared a model draft of an unclaimed-funds act for use in states where a strong demand or need was apparent for legislation of this type.