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Definition of 'Appleton Rule'
A regulation initiated in 1901 by Henry D. Appleton, a New York Deputy Superintendent of Insurance. The Appleton rule stated that every life insurance company doing business in New York was required to abide by New York legislation even if it did business in other states.
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Investopedia explains 'Appleton Rule'
In 1939, the rule was incorporated into New York's insurance laws. Although the Appleton rule was popular in New York, it was not as welcomed in other states because any proposed new regulation that would conflict or jeopardize New York state insurance licenses would meet opposition. The rule was disliked by other insurance commissioners because it prevented them from introducing different regulations if they opposed the Appleton rule.
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