Comments on: Consumers Pay More for Insurance Price Regulation; Get Little in Return http://www.theamericanconsumer.org/2008/09/10/consumers-pay-more-for-insurance-price-regulation-get-little-in-return/ Fri, 12 Mar 2010 16:18:50 +0000 http://wordpress.org/?v=2.6 By: Peter Ludgin http://www.theamericanconsumer.org/2008/09/10/consumers-pay-more-for-insurance-price-regulation-get-little-in-return/#comment-67 Peter Ludgin Thu, 25 Sep 2008 15:44:56 +0000 http://www.theamericanconsumer.org/?p=332#comment-67 State-based price regulation of insurance products is not good public policy. In fact, state insurance regulation as a whole is an antiquated remnant from the 19th century. An optional federal charter (OFC) will benefit everybody who buys or sells an insurance product. This is about open markets and additional choice and competition - which always benefits consumers. An OFC is smart public policy and I am thankful ACI is bringing light on this important issue. State-based price regulation of insurance products is not good public policy. In fact, state insurance regulation as a whole is an antiquated remnant from the 19th century.

An optional federal charter (OFC) will benefit everybody who buys or sells an insurance product. This is about open markets and additional choice and competition - which always benefits consumers.

An OFC is smart public policy and I am thankful ACI is bringing light on this important issue.

]]> By: Tracy http://www.theamericanconsumer.org/2008/09/10/consumers-pay-more-for-insurance-price-regulation-get-little-in-return/#comment-24 Tracy Fri, 12 Sep 2008 19:36:34 +0000 http://www.theamericanconsumer.org/?p=332#comment-24 Its another example of government gone wrong. Its another example of government gone wrong.

]]> By: Dick Raulway http://www.theamericanconsumer.org/2008/09/10/consumers-pay-more-for-insurance-price-regulation-get-little-in-return/#comment-20 Dick Raulway Fri, 12 Sep 2008 03:22:11 +0000 http://www.theamericanconsumer.org/?p=332#comment-20 Excellent post about the high cost of overregulation. I couldn't agree with you more about how dysfunctional insurance markets get when they are overegulated. Everything that you have written in your blog post has occurred in our state with Florida homeowners insurance. We have an organization here that tracks the number of Florida homeowners insurance companies writing new Florida homeowners insurance business: http://www.homeinsurancebuyers.org According to this website, there are over 500 Florida home insurance companies that are licensed to sell homeowners insurance in Florida. But there are only about 40 that are actually writing new Florida home owners insurance business. So where does that leave the Florida home insurance consumer? Scrambling to find a needle in a haystack to locate the few Florida home owners insurance companies that will actually write them a new policy. Our state insurance carrier is not much better - Citizens Property Insurance Corporation is an accident waiting to happen. Here is an excellent article about Citizens Insurance Florida: http://www.homeinsurancebuyers.org/FindingPrivateInsurance Again, because of overregulation, no one is telling the public about the precarious situation with Florida homeowners insurance. Thanks for teeing up this discussion. It is hard to find blogs and websites that actually educate the public on this issue. Excellent post about the high cost of overregulation.

I couldn’t agree with you more about how dysfunctional insurance markets get when they are overegulated.

Everything that you have written in your blog post has occurred in our state with Florida homeowners insurance.

We have an organization here that tracks the number of Florida homeowners insurance companies writing new Florida homeowners insurance business:

http://www.homeinsurancebuyers.org

According to this website, there are over 500 Florida home insurance companies that are licensed to sell homeowners insurance in Florida.

But there are only about 40 that are actually writing new Florida home owners insurance business.

So where does that leave the Florida home insurance consumer?

Scrambling to find a needle in a haystack to locate the few Florida home owners insurance companies that will actually write them a new policy.

Our state insurance carrier is not much better - Citizens Property Insurance Corporation is an accident waiting to happen.

Here is an excellent article about Citizens Insurance Florida:

http://www.homeinsurancebuyers.org/FindingPrivateInsurance

Again, because of overregulation, no one is telling the public about the precarious situation with Florida homeowners insurance.

Thanks for teeing up this discussion. It is hard to find blogs and websites that actually educate the public on this issue.

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