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Thursday, March 11, 2010
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White paper: U.S. insurance reform may mirror bad homeland security model

by: Bob Graham
published: Aug 31, 2009
The problems of the U.S. Department of Homeland Security should serve as a cautionary tale a federal takeover of insurance regulation, according to a new white paper.
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National Regulatory Modernization for Insurers FAQ's
Would the proposals create a big new bureaucracy?
Would these national regulatory proposals increase compliance costs?
Would the creation of a national regulator help incumbent companies make larger profits?
Is an Office of Insurance Information a good idea as a precursor to a national insurance market?
What would the proposed national regulators affect state regulation? What about federalism?
Will states lose tax revenue under an Optional Federal Charter?
Would insurance companies withdraw from certain parts of the country under an OFC?
Would there be a ''race to the bottom''?
Would an OFC subject insurance companies to both federal and state laws, thus increasing the overall burden of regulation?
What is really wrong with the current state system?
Will an OFC help the development of new insurance products?
Is the insurance industry unified in its support of OFC?
Would local insurance agents go out of business under an OFC?
Supporters and opponents of an OFC both cite Illinois as an example of what the market would look like under an OFC. What is the Illinois market like?
What would an OFC do for America’s international competitiveness?
Do other developed countries have something like an OFC?
Would an OFC protect consumers from insurance fraud?
Will it confuse consumers?
Do government-set rates protect consumers?
J. Robert Hunter of the Consumer Federation of America has presented a range of data showing that publicly held insurance companies are relatively safe investments and have become safer in recent years. Does this prove that the insurance industry is reaping more profits than it deserves and should not be rewarded with an Optional Federal Charter?
Does a ''revolving door'' between the industry and regulators prove that the insurance industry and the state regulatory systems are corrupt or that the insurance industry ''owns'' state regulators?
Is an OFC the only way America could liberalize its insurance markets?
What are some alternatives to an OFC?
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