How does one as an individual rate an insurance company? The little old lady buying a worthless life insurance policy? There are so many fraudulent or borderline companies out there that Nigerian scams look harmless compared to them. Consumer Reports usually does a rating once in awhile but how does the average person do it? You can't go on price. I once had auto insurance with the company that your in good hands with. It was virtually impossible to get them to ever pay a claim. If any industry needs regulation to protect the consumer it is the insurance industry as the only time you ever know how they will do is after the fact and that's when it is to late. Having state regulation gives the consumer a possibility of redress. I do agree though that less government regulation in general is a desired feature. Less government regulation in firearm ownership would be great.J.R.@A&M wrote: ↑Mon Jun 18, 2018 2:40 pmI like the way PriestTheRunner put it: "government should be outside of commercial transactions as much as possible."rotor wrote: ↑Mon Jun 18, 2018 2:33 pmIs this an opposition to all business regulation or just insurance companies? We have a Texas Department of Insurance for a very good reason, without it there would be a lot more insurance fraud. Insurance companies that take your money and not pay off when a claim is made. The insurance industry does need regulation and I have no problem with regulating them about LTC issues and keeping them from penalizing a business that does not post 30.06/07. I just have never actually seen a policy that requires a business to post although many business people "claim" their insurance policy requires it. See PriestThe Runner comments.J.R.@A&M wrote: ↑Mon Jun 18, 2018 1:55 pmWhile I appreciate the spirit of this idea, I as philosophically opposed to legislating and regulating private insurance firms in this way.PriestTheRunner wrote: ↑Mon Jun 18, 2018 10:24 amFantastic ideas / options:Charles L. Cotton wrote: ↑Mon Jun 18, 2018 10:15 am 1. Remove all off-limits areas for LTCs;
2. Exempt volunteer security personnel protecting schools and students from the Texas Private Security Act.
5. Ban the increase of insurance premiums due to the allowing or not-allowing of LTC's on the premises. Having 30.06 or 30.07 up (or not) should have no affect on premiums. Legislate that insurance may not require 30.06 or 30.07 postage.
incidentally, I just received $200 owed my business which closed 4 years ago and the insurance payment was in the state unclaimed money fund. The insurance company took so long to pay it that they couldn't find my address. Timely payment would have been nice. Also, have you noticed the commercials from Newday (I believe their name), pushing loans and mortgage to military and vets. Not valid in Texas in the fine print? Why is that? 100% financing? Without some tough insurance laws I believe the "industry" would be taking advantage of the public. I personally deal with the best, USAA.
Some industries need regulation, and insurance is one of them. But when it comes to rating policies with different risks, let them do it competitively. Insurance programs should not be a way to disguise other government objectives, the way that Obamacare did (wealth transfer).
I hate to sidetrack the post. Has anyone ever seen a clause in a business policy that required 30.06/07 posting?