When David Rivera was appointed to be Colorado’s state insurance commissioner two years ago, he was the youngest insurance person to serve in that position at age 34. While he is handing the reins over to Marcy Morrison, a Republican appointed by newly elected Gov. Bill Ritter, he has some sage words to share with the insurance industry and the incoming regulator.
Primarily, he recommended the new commissioner continue to provide consumers with choices. Rivera helped the state to transition from a no-fault auto insurance system to a tort system, and is a strong believer in providing consumers with insurance options. He also served during a time when voters in the state passed an ethics in government bill. Those events are in keeping with the mission of the commissioner to protect consumers, he said.
Rivera advised that protecting consumers requires a delicate balance of regulations. Consumers need to be informed, to have the available information and to be educated. Then, they can make educated decisions, he indicated.
While providing that consumer choice and information, regulation needs to be such that it encourages companies to participate in the marketplace, he added. After all, if companies are deterred from doing business in the state, that situation will leave customers with no insurance options to choose from, and subsequently, consumers won’t be able to make good purchasing decisions.