Insurance Affordability: Three East Coast Regulators Weigh In

October 28, 2008

  • October 28, 2008 at 3:59 am
    Bill the agent says:
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    Insurance Commissioner Thomas Sullivan of Connecticut has it right. Our problem, nationwide, is an availability and affordability problem. You cannot mandate more coverage or better pricing with coercive or punitive regulation. The insurance industry acts as a risk-management tool to allow our citizens to live the American dream; but they have to be able to make a profit. The first thing regulators do when a company raises prices or begins to limit coverage, is to make it harder for companies, through legal entanglement and threats, to find ways to make coverage more available and affordable. Government can play a more productive role by working with the industry to take the financial sting out of catastrophic events, as opposed to punishing insurers for taking steps to protect their bottom line.

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