We are in real trouble now. I’ve been practicing insurance for over 20 years, have taken numerous courses during those years, written partially and wholly self-insured programs and I still don’t feel like an expert. The Fed is going to try to learn our industry in order that they can regulate it? They will make it more convoluted than it already is!
But you don’t understand. Don’t you know that when anyone acquires the label of “government employee,” or better yet, “congressman” he not only is instantly purified of any moral flaws but, if not already omniscient, is well on his way there. You see, we (i.e., non-government people) are not capable of governing ourselves. However, those people who don’t have the wisdom to govern themselves DO have the wisdom to “elect” people who can govern, not only themselves, but also millions of other people. Remember, the ordinary “non-government” person does not have the right to stick a gun in his neighbor’s face and demand money; BUT he does possess the magical ability to give that right (which he doesn’t possess in the first place) to the “government” (which is nothing but a group of individual men & women-who use guns/violence to operate their business)
All you need remember is that the government has the most guns, therefore, government always wins.
This is his “backdoor” approach to the OFC that has been mentioned. The Optional Federal Charter is scary, in that the environments in all states differ. They do not understand what they will be getting into and that most states do an adequate job on regulation.
Do you suppose that the Government will do as stellar a job regulating insurance as they have done with the NFIP? And, who do you think will get the blame when because of some arcane government rule we cannot pay a claim. I would suspect that they could gather employees of Medicare and draft them to regulate insurance. I guess I have never heard what the problem is that we are trying to solve with Federal regulation. As far as I’m concerned, while it isn’t perfect, State regulation has served us well. Is there any other industry that cleans up its own messes when a company becomes insolvent…..the banking industry – not likely. If the banking industry made loans the with the same efficiency as the insurance industry extends coverage there would be no sub-prime mortgage problem or, hang on to your seats, the upcomming credit card fiasco. And, who provides oversight to most of those institutions? You got it.
They could start by learning from our Florida politicians. They think they know it all and look what it’s done here….NOT !
Maybe our politicians can send them the Evelyn Wood Speed Reading version they learned it from.
That way the whole country would better understand what we go through down here in the wonderful sunshine state !
If we don’t want the Fed’s money or help – don’t ask for it, Crop, Flood, TRIA, Cat,Tax Breaks,ERISA, etc. If we can solve our problems, then DO IT!
If you want help (money, guarantees) you get regulation. There is no free lunch.
We are great at being libertarians until there is a price.
Do you realize their are more insurance people in jail than government employees? What does that have to do about anything? Just maybe government regulations do work.
Sure, lets have the feds regulate us, so on top of state regulations and SOX, we will have to have another dedicated department for federal compliance. Just another layer of bureaucracy, whose cost will be covered via higher premiums for insureds.
Why don’t we have the feds take care of this right after they get done fixing social security, medicare, medicaid, heath insurance, NFIP, and all the others. Oh wait, they are too busy arguing about steroids, the legality of the college Bowl Championship Series, and Janet Jackson’s anatomy to actually tackle a real issue!).
The theory is that Federal regulation will make it easier for alien insurers (politicians keep saying “foreign” , but we know what they really mean) to enter the American insurance market if they don’t have to comply with 50 different insurance departments… resulting in more competition, lower prices, the rich get richer, yaddah yaddah yaddah.
I, for one, would like to know where you got that “fact” about more insurance people in jail than government employees….assertions do not equal facts so let’s have the research first and then let me interpret for myself what it means….
We have Congress, who has yet to learn how to balance a checkbook, who wants the Treasury Department, who doesn’t know how to handle banks, and mortgage companies, to “learn” about insurance. and who are they going to learn insurance from – themselves?
This is the first time in my life I recall Congress actually admitting it needed to learn about something before they regulate it. Normally it’s the other way around.
I don’t think the Feds need to get into the business of regulating insurance, but it is refreshing to see they admit they don’t know anything about it.
We are in real trouble now. I’ve been practicing insurance for over 20 years, have taken numerous courses during those years, written partially and wholly self-insured programs and I still don’t feel like an expert. The Fed is going to try to learn our industry in order that they can regulate it? They will make it more convoluted than it already is!
Mark,
But you don’t understand. Don’t you know that when anyone acquires the label of “government employee,” or better yet, “congressman” he not only is instantly purified of any moral flaws but, if not already omniscient, is well on his way there. You see, we (i.e., non-government people) are not capable of governing ourselves. However, those people who don’t have the wisdom to govern themselves DO have the wisdom to “elect” people who can govern, not only themselves, but also millions of other people. Remember, the ordinary “non-government” person does not have the right to stick a gun in his neighbor’s face and demand money; BUT he does possess the magical ability to give that right (which he doesn’t possess in the first place) to the “government” (which is nothing but a group of individual men & women-who use guns/violence to operate their business)
All you need remember is that the government has the most guns, therefore, government always wins.
This is his “backdoor” approach to the OFC that has been mentioned. The Optional Federal Charter is scary, in that the environments in all states differ. They do not understand what they will be getting into and that most states do an adequate job on regulation.
“They do not understand what they will be getting into”
Since when has that ever stopped them?
Do you suppose that the Government will do as stellar a job regulating insurance as they have done with the NFIP? And, who do you think will get the blame when because of some arcane government rule we cannot pay a claim. I would suspect that they could gather employees of Medicare and draft them to regulate insurance. I guess I have never heard what the problem is that we are trying to solve with Federal regulation. As far as I’m concerned, while it isn’t perfect, State regulation has served us well. Is there any other industry that cleans up its own messes when a company becomes insolvent…..the banking industry – not likely. If the banking industry made loans the with the same efficiency as the insurance industry extends coverage there would be no sub-prime mortgage problem or, hang on to your seats, the upcomming credit card fiasco. And, who provides oversight to most of those institutions? You got it.
The bill will be found at
http://www.govtrack.us/congress/bill.xpd?bill=h110-5840
They could start by learning from our Florida politicians. They think they know it all and look what it’s done here….NOT !
Maybe our politicians can send them the Evelyn Wood Speed Reading version they learned it from.
That way the whole country would better understand what we go through down here in the wonderful sunshine state !
If we don’t want the Fed’s money or help – don’t ask for it, Crop, Flood, TRIA, Cat,Tax Breaks,ERISA, etc. If we can solve our problems, then DO IT!
If you want help (money, guarantees) you get regulation. There is no free lunch.
We are great at being libertarians until there is a price.
Do you realize their are more insurance people in jail than government employees? What does that have to do about anything? Just maybe government regulations do work.
Sure, lets have the feds regulate us, so on top of state regulations and SOX, we will have to have another dedicated department for federal compliance. Just another layer of bureaucracy, whose cost will be covered via higher premiums for insureds.
Why don’t we have the feds take care of this right after they get done fixing social security, medicare, medicaid, heath insurance, NFIP, and all the others. Oh wait, they are too busy arguing about steroids, the legality of the college Bowl Championship Series, and Janet Jackson’s anatomy to actually tackle a real issue!).
The theory is that Federal regulation will make it easier for alien insurers (politicians keep saying “foreign” , but we know what they really mean) to enter the American insurance market if they don’t have to comply with 50 different insurance departments… resulting in more competition, lower prices, the rich get richer, yaddah yaddah yaddah.
I, for one, would like to know where you got that “fact” about more insurance people in jail than government employees….assertions do not equal facts so let’s have the research first and then let me interpret for myself what it means….
Let me see if I got this right….
We have Congress, who has yet to learn how to balance a checkbook, who wants the Treasury Department, who doesn’t know how to handle banks, and mortgage companies, to “learn” about insurance. and who are they going to learn insurance from – themselves?
Sometimes you just can’t make this stuff up!
Darwin
This is the first time in my life I recall Congress actually admitting it needed to learn about something before they regulate it. Normally it’s the other way around.
I don’t think the Feds need to get into the business of regulating insurance, but it is refreshing to see they admit they don’t know anything about it.
more expensive. Less government, less expensive. And lets not forget just who is paying for government. The top 10%.
TO THE UNTOUCHABLES