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Message
re: Should states keep regulating insurance?
Posted on 1/9/25 at 8:07 am to 632627
Posted on 1/9/25 at 8:07 am to 632627
quote:
Every state has a department of insurance, and insurance is one of the most heavily regulated industries.
The regulations mostly exist for consumer protection.
No they do not, they exist to protect insurance companies and lenders. If they protected consumers there wouldn't be lawyers 4 deep on every corner.
2
Posted on 1/9/25 at 8:15 am to ExtraGravy
Remove the law requiring car insurance.
The people that need it can't pay for it and don't mind breaking the law.
Our founding fathers didn't have mandatory buggy insurance and they did fine.
The people that need it can't pay for it and don't mind breaking the law.
Our founding fathers didn't have mandatory buggy insurance and they did fine.
Posted on 1/9/25 at 8:18 am to ExtraGravy
There is an answer readily available and present in about 95% of the developed world that we choose to ignore in the US and this is a public option for health insurance. A public option that is sold by private insurers with a price regulated by the state. How does this impact property insurance one may ask? It is a simple relationship....there is only one bucket of money, if you are in the insurance business you can only drink out of that one bucket. This is the same in the US as it is in Germany yet we pretend differently If you want to sale auto insurance or any other sort of highly profitable insurance in most of the world you must sell the basic health insurance at the rate set by the state. In turn EVERYONE is covered by a basic health insurance policy which means their auto insurance and their home owners insurance and all forms of insurance do not include risk associated with medical expenses because, wait for it, everyone is fricking covered already. Want to do away with contingency based litigation???? The model is readily available....it doesn't happen ANYWHERE but the US. There is a reason we pay more for all forms of insurance and health care in the US....because the system is ran by attorneys with vested interest in making piles of money and they are able to convince far too many of us that we are better off with the status quo than adapting what works for every other industrialized nation on the planet.....
Posted on 1/9/25 at 8:19 am to ExtraGravy
Health Insurance and property insurance should not be for profit companies.
Posted on 1/9/25 at 8:20 am to RougeDawg
quote:
Remove the law requiring car insurance.
frick that. The solution to uninsured drivers is not to legalize uninsured driving.
Posted on 1/9/25 at 8:22 am to 632627
quote:The elevator speech of "consumer protection" sounds great and all, but in practice, it's a bunch of BS. Most departments of insurance are simply clunky bureaucratic machines that push paper and unnecessarily complicate things.
The regulations mostly exist for consumer protection.
Posted on 1/9/25 at 8:27 am to RougeDawg
quote:
Remove the law requiring car insurance.
The people that need it can't pay for it and don't mind breaking the law.
Our founding fathers didn't have mandatory buggy insurance and they did fine.
And institute a law that if you hurt or damage someone you get to pay for their recovery (property and health) or you go to jail and work off the debt on a chain gang.
I personally like TX new DUI law concerning child support if you kill a parent.
Posted on 1/9/25 at 9:02 am to FearTheFish
quote:
Most departments of insurance are simply clunky bureaucratic machines that push paper and unnecessarily complicate things.
100% agree.
Posted on 1/9/25 at 9:07 am to AwgustaDawg
quote:
they exist to protect insurance companies and lenders.
Negative, the whole reason California has an insurance crisis is because the doi wouldn't allow insurers to jack up rates, in the effort to protect consumers. It's also why the guaranty funds exist.
Posted on 1/9/25 at 9:20 am to supadave3
quote:Why not? My house is paid off, I carry insurance because I want to, I don’t have to. Why is car insurance forced upon us? Why is the mandated portion the majority of my bill?
frick that. The solution to uninsured drivers is not to legalize uninsured driving.
This post was edited on 1/9/25 at 9:21 am
Posted on 1/9/25 at 9:40 am to ExtraGravy
Insurance is a failed archaic business model.
I would rather keep the money that I am forced to spend on ‘insurance’ so that I can invest it myself , just like that evil social security. If I never incur any damage to my house, auto, or health I still have my invested money along with my profits. If someone crashes into my car/ auto and they are found to be at fault then it is on them to make me whole.
As of now if I never make a claim the insurance company gets to keep my money and the profits they make by investing what was my money. Phuck all that , I tire of throwing my hard earned money out the window only to see it Gone With the Wind.
I would rather keep the money that I am forced to spend on ‘insurance’ so that I can invest it myself , just like that evil social security. If I never incur any damage to my house, auto, or health I still have my invested money along with my profits. If someone crashes into my car/ auto and they are found to be at fault then it is on them to make me whole.
As of now if I never make a claim the insurance company gets to keep my money and the profits they make by investing what was my money. Phuck all that , I tire of throwing my hard earned money out the window only to see it Gone With the Wind.
Posted on 1/9/25 at 9:44 am to AwgustaDawg
quote:Couldn't be further from the truth. Market conduct exams cost companies tons of money each year and compliance with a laundry list of regulations costs hundreds of thousands in compliance department staff and salaries.
they exist to protect insurance companies and lenders
Departments of insurance serve absolutely no one, not consumers or insurance carriers, except the bureaucrats who sit in those offices.
Posted on 1/9/25 at 9:45 am to ExtraGravy
The federal government has no Constitutional authority to regulate insurance. The Interstate Commerce clause is only for the movement of goods and services between states, not for the regulation of all things we do.
Posted on 1/9/25 at 9:56 am to ExtraGravy
The short answer to this is that, all theories aside, if unregulated insurance companies were to exist, banks simply wouldn't accept them.
Since the vast majority of people need some kind of loan to buy a house or a car, and those loans come with insurance requirements, the market for the unregulated insurance would be very small - only people who pay cash or have paid off their mortgage. obviously this group includes every OT baller, but this is a special crew.
Since the vast majority of people need some kind of loan to buy a house or a car, and those loans come with insurance requirements, the market for the unregulated insurance would be very small - only people who pay cash or have paid off their mortgage. obviously this group includes every OT baller, but this is a special crew.
Posted on 1/9/25 at 10:04 am to Cold Cous Cous
I think they need to be regulated harder. Frick insurance companies. I had a tree fall on my house from the hurricane this last September. The insurance company paid an engineer to come out to my house and write a 60 page paper on why they don't need to pay for the damage to my foundation. The lady handling my claim said they paid the engineer twice as much money to write the report than the quote a I provided for the repairs. I even told them up front I would be happy if they just paid a portion of the repairs, because the entire process has been a shite show from the beginning.
Posted on 1/9/25 at 10:32 am to I Like Cheeze
quote:Now do tort reform and save thousands a year.
They should regulate how much money auto insurers can spend on advertising. We could probably each save at least 100/yr on a product we are required to buy.
Posted on 1/9/25 at 10:34 am to ExtraGravy
quote:
Should states keep regulating insurance?
short answer is YES!
Elections have consequences.
Posted on 1/9/25 at 10:37 am to ExtraGravy
As a provider who has had to file a complaint with my state's department of insurance because an insurance company was fricking around with coverage and reimbursement, I'd much rather it be managed on the state level.
And I can tell you without regulations, insurance would be absolutely insane. Folks have no idea the shite they try to get away with and would if they were unchecked. Regular Joe Schmo can't afford to take on an insurance company alone.
And I can tell you without regulations, insurance would be absolutely insane. Folks have no idea the shite they try to get away with and would if they were unchecked. Regular Joe Schmo can't afford to take on an insurance company alone.
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