Posted On: September 26, 2008, 2:51 pm CDT

Posted By: RS

No one should expect elected representatives to ascertain the difference between an insurance company and its perent holding company. They do not know anything about the industry and if you try to explain it to them their eyes just glaze over. To them, it's all the same: property, casualty, financial products, life, health, surplus lines etc. "is all just insurance". Underwriting is a term they don't get, they just want claims paid so the feds don't have to get involved. Federal regulation is a fiasco waiting to happen and given melt downs like AIG they will take advantage and run it through congress because the feds bailed them out. This leaves them thinking they know best and are now entitled to take over from state regulation.