What I see is another intrusion into State business by the Feds. They want to regulate every aspect of our lives in business and personally. States have done a good job in regulating insurance companies, proper licensing, filings etc. The Feds can’t do anything right and they want to get into our business by creating yet another Federal bureaucracy doing micro managing and imposing their rules. Outrageous!
It is my understanding this idea of Federal regulation of insurance goes back to the 1980s and possibly before that. I believe the large insurance companies tend to favor Federal oversight due to their frustration in rapidly entering new markets in the current state regulated system (“patch-work” is the buzz word I believe) along with the myriad of Market Conduct Exams.
Perhaps the frustration with a Federal program should be directed at those insurance companies which either lobbied for or, at the very least, did not lobby against a Federal program. I find it hard to believe any Federal insurance legislation (much less state legislation) escapes insurance lobbyists and is passed over their suggested objections. But, it wouldn’t be the first time I was wrong.
What I see is another intrusion into State business by the Feds. They want to regulate every aspect of our lives in business and personally. States have done a good job in regulating insurance companies, proper licensing, filings etc. The Feds can’t do anything right and they want to get into our business by creating yet another Federal bureaucracy doing micro managing and imposing their rules. Outrageous!
It is my understanding this idea of Federal regulation of insurance goes back to the 1980s and possibly before that. I believe the large insurance companies tend to favor Federal oversight due to their frustration in rapidly entering new markets in the current state regulated system (“patch-work” is the buzz word I believe) along with the myriad of Market Conduct Exams.
Perhaps the frustration with a Federal program should be directed at those insurance companies which either lobbied for or, at the very least, did not lobby against a Federal program. I find it hard to believe any Federal insurance legislation (much less state legislation) escapes insurance lobbyists and is passed over their suggested objections. But, it wouldn’t be the first time I was wrong.