I sure hope that people don’t take this garbage as truth. Insurers can’t do ‘whatever they want’ when making selections. The actuaries making these filings are bound by stict ethical codes to select the most appropriate factors. The regs allow actuaries to meet their ethical responsibilities rather than some arbitrary 3 year average. And if you don’t trust the company actuaries, the department of insurance has its own actuaries that review these selections VERY carefully and have the power to change them if they believe that they are inappropriate. It’s about time that Harvey and his crew grow up and realize that not all insurance companies are out there to gouge customers and raise rates to no end.
This is actually not so good news for the insurance companies. Can you imagine how many more companies will want to do business in California is we have rate deregulation? The consumers will have to much choices and the companies will be forced to lower their rates and provide better terms. I say keep the old system in, agents, brokers, and insurance companies alike can make more money with the existing system, instead of having to fight to hard with too much competition! I ask the consumer watchdogs to screw over the consumers to help us all make more money!
At first blush it sounds great, doesn’t it? A return to deregulation! How wonderful! But,wait, not so fast. Do you remember having to explain rate increases to your policyholders every six months? Do we really want carriers to be able to raise their rates without answering to a regulatory authority? For a long time I had to whisper it in the closet, but frankly folks, Prop 103 brought some badly needed reigns to our industry. I’m not so sure I’d want to see a return to the “good old days.”
LongMemory: I do remember the days when John Garamendi was commission during his first term, he scared companies out of California (liberals think you can operater without a profit). His second time around, he realized socialism doesn’t work and backed of to the such economy destroying tactics. I guess you didn’t learn from what happened in the loan business when government demanded the certain people get loans who are not qualified and do so at certain rates. If you think that insurance companies can charge what they want, you are a fool. The companies that did not lower their rates in this soft market lost a lot of business. Competition is what we need (actually, if I am selfish, I will say we don’t need it) as the comsumer do better under competition than they will do on any feel good regulation. Let’s not do to the insurance industry what the government and loan industry did to itself!
I sure hope that people don’t take this garbage as truth. Insurers can’t do ‘whatever they want’ when making selections. The actuaries making these filings are bound by stict ethical codes to select the most appropriate factors. The regs allow actuaries to meet their ethical responsibilities rather than some arbitrary 3 year average. And if you don’t trust the company actuaries, the department of insurance has its own actuaries that review these selections VERY carefully and have the power to change them if they believe that they are inappropriate. It’s about time that Harvey and his crew grow up and realize that not all insurance companies are out there to gouge customers and raise rates to no end.
This is actually not so good news for the insurance companies. Can you imagine how many more companies will want to do business in California is we have rate deregulation? The consumers will have to much choices and the companies will be forced to lower their rates and provide better terms. I say keep the old system in, agents, brokers, and insurance companies alike can make more money with the existing system, instead of having to fight to hard with too much competition! I ask the consumer watchdogs to screw over the consumers to help us all make more money!
At first blush it sounds great, doesn’t it? A return to deregulation! How wonderful! But,wait, not so fast. Do you remember having to explain rate increases to your policyholders every six months? Do we really want carriers to be able to raise their rates without answering to a regulatory authority? For a long time I had to whisper it in the closet, but frankly folks, Prop 103 brought some badly needed reigns to our industry. I’m not so sure I’d want to see a return to the “good old days.”
LongMemory: I do remember the days when John Garamendi was commission during his first term, he scared companies out of California (liberals think you can operater without a profit). His second time around, he realized socialism doesn’t work and backed of to the such economy destroying tactics. I guess you didn’t learn from what happened in the loan business when government demanded the certain people get loans who are not qualified and do so at certain rates. If you think that insurance companies can charge what they want, you are a fool. The companies that did not lower their rates in this soft market lost a lot of business. Competition is what we need (actually, if I am selfish, I will say we don’t need it) as the comsumer do better under competition than they will do on any feel good regulation. Let’s not do to the insurance industry what the government and loan industry did to itself!
The Actuarial profession has no credibility as long as they refuse to kick out their beloved convicted felon collegue.
Give Poizner credit for firing incompetent fool Deputy Commissioner Diehl.