Can’t wait until the Feds get involved in rate making and start adding “Global Climate Change” charges and fees to insurance premiums to punish us evil capitalist for harming the planet.
What did you expect? He’s another lawyer & politician, from Illinois, no less. Is it ego that makes him think the he & the feds can do it better, or is he just another BOB yes man? Guess we’ll see.
Only an appointee of the Obama administration would try to take a state regulate authority structure that has worked extremely well for over 100 years and try to Federalize it.
It’s not perfect, to be sure, but it works. What that the Federal Government does today really works?
Do you not realize how massively fragmented and archaic the the industry is? Multiple subsidiary companies registered in each state with each state having vastly different requirements that may or may not even be relevant.
Sorry to say it, but federalizing the industry will reduce a lot of redundancies and, in effect, costs.
Yes, but for P&C it makes sense since geography is different, construction types and materials vary, etc. You can’t treat us all like were the same, we are not. Life insurance may make sense, but not property and liablility. States rights are getting stomped on daily. The constitution gives all rights except those promlugated in the constitution to the states.
@ JR: I know there are Company Licensing/Registration issues that are especially cumbersome, and even the Service Corps that represnet foreign companies in multiple states aren’t always aware of the “insurance specific” rules/regs.
I think a better solution might be one similar to the recent NRRA changes, with federal legisilation, yes, but states went through and (mostly) adopted NAIC Model Laws to conform, but retained the oversight/supervision of the companies in their respective jurisdictions for the benefit of their own consumers.
As a compliance guy for a small P&C carrier admitted in 42 states, I spend far too much time trying to remember is it a 20 day cancel notice state or a 30 day notice state?…can I nonrenew in this state?…am I required to take an endorsement to add an “unacceptable” risk in this state?…etc. Forget all the filings and data calls and desk audits. I’d be happy with some uniform standards.
Wow, your job is challenging so you want the federal gov to take over. I guess you can find laziness at every level. Also, once the feds control it you are assuming that the regulations become easier. Past history shows that there is MORE paperwork and headaches once the government gets involved.
Can’t wait until the Feds get involved in rate making and start adding “Global Climate Change” charges and fees to insurance premiums to punish us evil capitalist for harming the planet.
What did you expect? He’s another lawyer & politician, from Illinois, no less. Is it ego that makes him think the he & the feds can do it better, or is he just another BOB yes man? Guess we’ll see.
God help us all. An IL politician as Federal Ins Director. Il is a mess and now the mess is coming to the entire country.
When will people learn that no one is better then someone from IL?
Only an appointee of the Obama administration would try to take a state regulate authority structure that has worked extremely well for over 100 years and try to Federalize it.
It’s not perfect, to be sure, but it works. What that the Federal Government does today really works?
Policitcal Fund-raising works just fine.
Do you not realize how massively fragmented and archaic the the industry is? Multiple subsidiary companies registered in each state with each state having vastly different requirements that may or may not even be relevant.
Sorry to say it, but federalizing the industry will reduce a lot of redundancies and, in effect, costs.
Yes, but for P&C it makes sense since geography is different, construction types and materials vary, etc. You can’t treat us all like were the same, we are not. Life insurance may make sense, but not property and liablility. States rights are getting stomped on daily. The constitution gives all rights except those promlugated in the constitution to the states.
While I agree that there are redundancies to be elimated and cost savings to be had, I disagree whole-heartedly that Federal Reg is the solution.
Creating a national registry/database is one thing, Federal regulation is quite another!
@ JR: I know there are Company Licensing/Registration issues that are especially cumbersome, and even the Service Corps that represnet foreign companies in multiple states aren’t always aware of the “insurance specific” rules/regs.
I think a better solution might be one similar to the recent NRRA changes, with federal legisilation, yes, but states went through and (mostly) adopted NAIC Model Laws to conform, but retained the oversight/supervision of the companies in their respective jurisdictions for the benefit of their own consumers.
As a compliance guy for a small P&C carrier admitted in 42 states, I spend far too much time trying to remember is it a 20 day cancel notice state or a 30 day notice state?…can I nonrenew in this state?…am I required to take an endorsement to add an “unacceptable” risk in this state?…etc. Forget all the filings and data calls and desk audits. I’d be happy with some uniform standards.
Wow, your job is challenging so you want the federal gov to take over. I guess you can find laziness at every level. Also, once the feds control it you are assuming that the regulations become easier. Past history shows that there is MORE paperwork and headaches once the government gets involved.