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View Diary: The McCarran-Ferguson Act: A History of Insurance (28 comments)

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  •  Consumers get much more protection from state (0+ / 0-)

    regulators than they would from federal regulators sleeping in some building in DC.  I don't understand the federal argument when you examine the abysmal job federal agencies such the SEC have done in recent years.

    •  Really? (3+ / 0-)
      Recommended by:
      rincewind, theran, dalfireplug

      Doesn't seem like they are doing a good job by the consumer with health insurance at all. In fact, I don't know of a single regulatory action by any state that has done anything about it.

      But you seem to be, if I understand you correctly, making an argument about the overall health of the industry. I'm not. I know the industry is healthy because they operate outside of the antitrust laws. ANY industry would be extremely health under such circumstances.

      Finally, the SEC does not regulate antitrust. But to address the larger point, the SEC's problem has never been a matter of ability, but rather one of political will.

    •  The problem is that insurance companies (3+ / 0-)
      Recommended by:
      rincewind, theran, brooklynbadboy

      create subsidiaries and trusts in order to circumvent the strictest state regulations.  For example, New York State traditionally had some of the toughest laws regulating the insurance industry, so companies would create subsidiaries that operate in New York only so that the NY state regulations would not be applicable to the company's operations nationwide.

      I'm an ex-actuary who has been out of the industry for almost 20 years now, so my information may be outdated.

      Cause we find ourselves in the same old mess singin' drunken lullabies--Flogging Molly

      by dalfireplug on Sat May 23, 2009 at 08:41:35 AM PDT

      [ Parent ]

      •  I am not arguing that state regulation always (1+ / 0-)
        Recommended by:
        dalfireplug

        works; I'm arguing that the notion of federal regulation of insurance is a joke.  Imagine trying to get someone on the phone in DC to deal with a consumer insurance issue.

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