Posted On: October 5, 2007, 11:16 am CDT

Posted By: DC

Let me start of by saying I hate insurance companies but if NY wants to pass a law that requires them to hold a reserve account for unexpected losses, they should require ALL companies to create a reserve account for unexpected losses. Why should we stop with just insurance companies? Give me a break.

If the law passes and insurance companies are required to have a catastrophe reserve account, Dinallo says:

"Consumers will see where the money they pay for hurricane protection goes. They will see if it is not enough and there is a need for higher premiums. And they will see if the reserve is large and untouched and can then question the need for higher premiums."

WWWWWWHHHHHHHAAAAAAATTTTTTTTT?????? Shouldn't a company be allowed to charge what they want for their product? Isn't that what this country was built on? If I start a company and I'm required to have a "catastrophe reserve account" for unexpected losses, I don't think my customers should be able to tell me to lower my prices because my reserve account has too much money in it. If I charge too much for my product, go to my competitor. If you're worried about my services or how I do business, go to my competitor.

The DOI in NY needs to let insurance companies do business and charge what they want, where they want, and keep their nose out of it. The marketplace can fix this on it's own.