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Last Post 11/07/2008 8:39 PM by  Ray Hall
Insurance Journal raises question about regs under new a President?
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Gale Hawkins
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11/06/2008 10:37 AM
     
     
    The Journal mentions with the changes in Washington and at the state levels we could see a new round of regulations.
    With Warren Buffett's rise to the position in the minds of some as king maker and maybe even have a post in the Obama white house will we see more insurance regulating power moving from the states to the federal level?
     
    Would ISO prefer to have 50 states to service or federal regs that apply to all of the 50 states? Which way would be best for their income?
     
    How would one set of insurance regs vs. 50 impact adjusting of claims cost if that happens over time?
     
    The election is over so discussing who would have been best IS a mute question today. The question at most insurance related companies today is what is coming down the pike and what will be the results of the coming changes.
     
    The chicken has to cross the road without getting run over.
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    okclarryd
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    11/06/2008 7:07 PM
    Personally, I still think Chicken Little was right
    Larry D Hardin
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    Gale Hawkins
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    11/06/2008 9:54 PM

    Larry if he was talking about the stock market I would agree at this point.

    Carriers really take in on the chin when the markets dive. They were saying Monday the stock market would go up after the election even if Obama won because the market had already sold off expecting him to win. I guess the talking head forgot to make sure Wall Street heard his remarks since in has only gone in one direction since Wednesday. Russia promising a arms race has not helped I am sure.

    Of course the carriers will still be selling property insurance but perhaps less with the lower home values. Regulation is sure to follow years of deregulation and with many new insurance state commissioners taking office that should being some changes but not sure what kind.

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    sbeau4014
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    11/07/2008 9:14 AM
    I will venture to guess that within the 1st 6 months of next year you will see a big push to change the flood policy to a policy that will provide wind coverage also. We have talked about it in another thread, but now that Bush is toast (he said that he would veto such a bill) and the Dems picked up more pull in both the house and senate I think it will go through. I for one would like to see such a thing IF ( and that is a big IF) the rates were truely risk based on the exposure involved. Flood rates have never been that, and I don't believe the people pushing this in the house really want it to be, as the people who need/want this the most are the ones right on the coast. Time will tell.
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    Ray Hall
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    11/07/2008 8:39 PM
    I do belive most americans think they should subsidize their fellow brothers and sisters who have the leverage to purchase a secondary residence on an ocean lot. The flood rates have never been in line with the total loss risk.
     
    It seems to me it was designed to assist primary dwellings  as as a stop gap bare bones policy instead of welfare after the event.
     
    This would be a good income stream for the incoming Pres. if he will get some good wave wash underwriters.
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