We build tech for the world and not just the us.
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I believe every country has heavy insurance regulations, not just the US. Please enlighten me on why you think this won't be a problem? Trust me, I hope you have a solution.
What aspect of insurance is regulated? Is it the taking of funds? The investing of funds? The estimating? Remember, this system is no more an 'insurance company' than Bitcoin is a currency. Who is providing the insurance? Who is promising to pay? Who under this system has any obligations what so ever of a contractual nature that would constitute insurance?
I wondered if it might be an idea to think of another name, i.e. not "insurance". If its a fundamentally different system, it maybe deserves a new name, but in so doing this may lead to the natural creation of an appropriately different regulatory framework outside that of classic insurance. As no doubt, someone somewhere will start to try to regulate it. For many people, the word insurance has a negative connotation, so this was another reason for this suggestion.
It think Bytemaster already gave it another name: Mutual Aid Society.
This name has some interesting connotations and could serve it well.