Replies

Didn’t we just trillion dollar bailout of a bunch of New York regulated, top flite, companies that they pay the ratings agencies to, ahem, rate them?

Yeah.

I don’t see why an adult in one state can not buy a product or service, or have delivery from another state.

It seems to me that insurance companies can not build up the bulk to afford sophisticated software, nor manage on a large scale. Further, what does it matter when if as in the case of AIG if the re-insurer goes out of business. Who regulates them.

Making a commercial enterprise replicate its self in every state is no different than requiring( which used to be the case) that each auto company build cars in each state to each state standard.

I don’t even see why I shouldn’t get insurance from outside the US.

All I see is local politicians protecting their hack retireg politician friends and local mercantilism enterprises.

If some wants to be insured by Maine State Podunk Hack Insurance, fine. I would prefer to be insured by Honda of Tokyo or something like that.

You're actually making my point. Those insurance companies that collapsed over the last 9-12 months were involved in areas that had little or no oversight and were not subject even to Federal regulations, let alone regulations on the state level.

If some wants to be insured by Maine State Podunk Hack Insurance, fine. I would prefer to be insured by Honda of Tokyo or something like that.

What happens if Honda of Tokyo fails to pay a claim for you? Are you going to have legal recourse through the United Nations, or through the Federal government?

The biggest problem you'll find in the insurance industry is that the "least expensive" insurance plans will also be the least stable in terms of the financial stability of the companies involved. You can go to almost any state in the South and find plenty of horror stories from people who paid premiums on insurance policies for years, only to have the insurance carrier collapse in insolvency when they needed to file a claim.