Life insurance as we know it today started in the city of Rome. The people of ancient Rome decided to form what they called "burial clubs". These clubs were formed so that if any of its members were to die, all of the members would share in the cost of the burial. The concept of life insurance ended with the Roman Empire until the British revived the concept in the 17th century and then brought the business to the American Colonies. The first life insurance company in America was founded in the Southern Colony of Charleston, South Carolina in the year 1735. Today's life insurance industry has gross premiums in the hundreds of trillions of dollars and is more than 5% of the U.S. Gross National Product. Mortality costs have dropped significantly and technology has brought tremendous improvements in efficiency. The life insurance policies available today have unprecedented benefits for the insured's and their beneficiaries. State regulation and reserve requirements also provides the watchful eye needed to make sure that a promise made is a promise kept.