How the insurance sector
Nearly 51 years, while the public was in the process of winning the World War II, Congress passed a law apparently benign, insurers on one of the most adorable in the history of USA financial world. Instead, obtain a Federal Agency for the police of their activities, as well as the Securities and Exchange Commission made with securities firms since the 1930’s, the insurance industry could meet almost exclusively countries . The Congress could still write laws, insurers and the federal government would monitor a few special programs such as flood insurance. But for most consumers said they must learn about national legislators and above all politically appointed commissioners to ensure that the insurance industry covers government fair.We hear a lot these days on the regulatory authority to the USA. Well, in the case of the insurance sector, which now controls $ 3.1 trillion in assets, Member States have clearly shown that they are not at work. “How many times do we, that is the illusion of control,” said the former insurance commissioner of Texas Robert Hunter, now director of the Insurance Consumer Federation of America. In fact, a four-month, 50 state investigation of money (with the help CFA) shows that insurers and agents, now dominate the regulatory system, the police, that the stack the deck against consumers. More specifically, insurers are free, advertising a reasonable investment products, it is very difficult to compare, share information to reduce costs and premiums stifle the seeds tried to reform such practices. Accordingly, Hunter figures that the public pays about 5% to 10% more for reporting as it should. Annual cost: not less than $ 65 billion per year.
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