REGULATORS MUST KEEP PACE

Steve Sheffey, counsel for Allstate Insurance Company, told insurance regulators April 24 in Scottsdale, Ariz., that they need to keep pace with gains in the technology field by forming regulations that reflect consumers’ ability to make the most of the Internet in an even greater way in the insurance marketplace. Speaking at the National Association of Independent Insurers’ 2001 Underwriting Seminar, Sheffey noted that “Consumers are the final arbiters of what rates and products are appropriate. They are bombarded by ads, have access to hundreds of insurers over the Internet and are in the best position to determine what is best for their unique situations.” In further remarks Sheffey noted that the number of options available to the public is endless. In his final thoughts, Sheffley stated that underwriting executives need to firmly urge regulators, actuaries, insurers, and consumers to re-think those assumptions which haven’t been thought through, were once workable 40 or 50 years ago, but in this day and age prove worthless.