.... Whether or Not These People Say Katrina Was So Good, They Want to Do It Again.
Ms. Leigh Ann Pusey, identified as "the senior vice president for government affairs" at an Insurance trade group identified with the current administration, calling itself the American Insurance Association, is quoted as endorsing the current Federal government's offer to take over Insurance. The current Federal government's proposal was placed without publicity among the 200+ pages of a document it recently issued in response to unfair financial practices. Their offer is to take over Insurance Premium Regulation by doing away with it.
See this quote by Bloomberg in a news report published on April 16, 2008:
"With all due respect to many of the leaders at the NAIC [National Association of Insurance Commissioners], I think they are structurally and functionally incapable".
Ms. Pusey was apparently talking about regulating Insurance Premium Rate Hike Requests. She is also quoted in the news article as saying that Federal regulation of Insurance will "happen sooner than people think."
Thinking like that is mistaken. On several grounds. After looking at quotes like these, investing a little effort into research pays dividends in a reality check. One easily understood fact is that, to the contrary of what anyone may think, the NAIC does not regulate Insurance Premium Rate Hike Requests.
Insurance Departments in the 50 States regulate Insurance Premium Rate Hike Requests. They have done that job for 150 years. All of a sudden we are to believe that 50+ Departments of Insurance have been rendered incapable of doing that job? What changed?
The news article does not even try to address what if anything has changed. Neither do the Federal government supporters quoted in it. And that would have been a revelation.
Nothing is known to sentient beings that changed at all except that the people in charge of the current Federal government, before they cease to be in charge of the current Federal government, want to provide Insurance Companies with no oversight for any Insurance Premium Rate Hikes the Insurance Companies may want.
It is of interest, particularly to businesses and people in Florida at this time, that besides of course the people currently in charge of the Federal government who made this proposal (surprise, they endorse their own proposal, duh), their proposal is "endorsed" by Allstate Corporation according to this and other news articles.
Allstate is currently appealing a Court Order that affirmed the Florida Office of Insurance Regulation's suspension of Allstate's authority to write new Insurance Policies in Florida until Allstate provides documents it has withheld that were subpoenaed by the O.I.R. months ago -- which include documents and unauthorized Computer Models that Allstate used to endorse its own Florida Insurance Premium Rate Hikes.
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