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Annual Report Card Finds Vermont Has the Best Insurance Regulatory System

Examining a matrix of variables affecting a state’s insurance regulations, the R Street Institute determined that Vermont has the best regulatory system for insurance and that vermontNorth Carolina has the worst, according to the Insurance Regulation Report Card.

The annual report grades each state across seven dimensions. The three fundamental questions the report seeks to answer are:

1. How free are consumers to choose the insurance products they want?

2. How free are insurers to provide the insurance products consumers want?

3. How effectively are states discharging their duties to monitor insurer solvency and foster competitive, private insurance markets?

“We believe states should regulate only those market activities where government is best-positioned to act; that they should do so competently and with measurable results; and that their activities should lay the minimum possible financial burden on policyholders, companies and, ultimately, taxpayers,” Senior Fellow R.J. Lehmann said in a statement.

According to the report:

The insurance market is both the largest and most significant portion of the financial services industry to be regulated almost entirely at the state level. While state banking and securities regulators largely have been preempted by federal law in recent decades, Congress reserved to the states the duty of overseeing the “business of insurance” as part of 1945’s McCarran-Ferguson Act. On balance, we believe states have done an effective job of encouraging competition and, at least since the broad adoption of risk-based capital requirements, of ensuring solvency. As a whole and in most individual states, U.S. personal lines markets are not overly concentrated. Insolvencies are relatively rare and, through the runoff process and guaranty fund protections enacted in nearly every state, generally quite manageable. However, there are certainly ways in which the thicket of state-by-state regulations leads to inefficiencies, as well as particular state policies that have the effect of discouraging capital formation, stifling competition and concentrating risk. Central among these are rate controls.

For the third straight year, the report found that Vermont had the best insurance regulatory environment in the United States, receiving the only A+ score. Other states receiving either an A or A- were Arizona, Idaho, Illinois, Kentucky, Maine, New Hampshire, Utah and Wisconsin.

Meanwhile, North Carolina had the worst score, receiving a failing grade for the third year in a row. States ranking a D include Alaska, Massachusetts, California, Hawaii, Louisiana, Mississippi, Delaware, Montana, North Dakota and New York.

R Street found the most significant shift to be the continued expansion of North Carolina’s two property insurance residual market entities, even as Florida’s Citizens Property Insurance Corp.—previously the nation’s largest residual market entity—has continued to shrink.

“Not coincidentally, when R Street issued its first regulation report card in 2012, Florida ranked dead last and North Carolina was somewhere in the middle. This year, North Carolina is dead last and Florida is somewhere in the middle,” Lehmann wrote.

Risk Management Links of the Day … Featuring Android Phishing

  • A “phisher” looking to gain access to people’s banking details managed to upload a malicious app to the app store for Google’s Android smart phone (which is Google’s answer to the iPhone). And while it was quickly removed once discovered, this brings into question whether or not Google needs to be more stringent on the apps it allows into the Android Marketplace. “The rogue Android application posed as a legitimate banking applet, but was actually designed to trick marks into handing over bank login details to fraudsters, an alert by credit union First Tech warns. The credit union, which said it wasn’t targeted by the attack, doesn’t even have an app for Android as yet.” And the macro-level threat here is, of course, the vulnerability of smart phones, which are increasingly becoming indispensable web portals for millions. Many expect similar attacks to rise in 2010.
  • In a candid Wall Street Journal interview this weekend, Hank Greenberg questioned the terms of the AIG bailout and instructed journalists to start looking deeper into Goldman Sachs’ actions before the financial collapse. “There’s too much smoke, too many smart people asking questions that deserve an answer. I would hope that investigative reporters do the job they love to do and bring out the truth. I would hope that Congress would then say we must do something about this in all fairness.

    The American people should know about this and then bring about the changes necessary to avoid the total destruction of a great company that was the pride of America in the insurance industry.

    ” Hank would seemingly be the first in line among AIG shareholders to file a class-action lawsuit to recoup all the losses that have (in his view, unfairly) occurred since the Fall of 2008, but — for now at least — he isn’t going that far. He has, however, presented the Fed with a plan in which AIG’s “$112 billion loan [would be] stretched out to, say, 20 years and the interest rate slashed to something closer to the government’s own cost of borrowing.” Good luck with that.

  • The Basel Committe on Banking Supervision has identified several areas that it must address in more depth, including coming up with more concrete principles to help replace International Accounting Standard (IAS) 39. And that might prove contentious. “This could put regulators on a collision course with the International Accounting Standards Board (IASB), which published proposals for consultation on November 5 to replace the incurred loss model with an expected loss model as part of the overhaul of IAS 39.” You know what that means? ACCOUNTING FIGHT.
  • A man who was pretending to be a rock concert promoter was indicted for running a Ponzi scheme. “According to the indictment, [Miko Dion] Wady operated and had an ownership interest in various business enterprises that purportedly were engaged in the business of promoting concerts or tours of well known entertainers and artists.”The indictment alleges that Wady and others misled victim investors into believing that Wady entered into performance contracts and other business arrangements with nationally and internationally known entertainers, arranged performance venues throughout the world, and greatly profited by putting on these concert or tour events. The indictment alleges that from 2004 through 2007, Wady claimed to have promoted concerts for The Rolling Stones, U2, Barbara Streisand, Faith Hill, Tim McGraw, Mariah Carey, George Strait, Billy Joel, Jamie Foxx, Jimmy Buffet, Mary J. Blige, Pearl Jam, and at least 30 other well known artists and entertainers.

    Also according to the indictment, during this period, Wady appears to have actually promoted fewer than 10 concerts, all involving only local or lesser known artists.”

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