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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?
Like I said, I'm not an expert. I used to sell fixed income products and one of my clients was a small insurance company. They had legal restrictions on what products they can invest in. You also need a license to sell insurance by state. Look, I don't know enough about insurance and it sounds like you don't want to hear any of this. As a AGS/PTS holder I hope you can work it out, but don't think it's going to work for liability insurance. I will move along.