WHO EXACTLY ARE THE REGULATORS?
We’ve been litigating and trying cases against the insurance industry for almost 30 years now. (Time sure flies…). Many of the laws that govern insurance here in Florida and elsewhere, begin with “model acts” drafted by The National Association of Insurance Commissioners, whose members are the top insurance regulators from each of the 50 states.
Most often these “model acts” weaken the rights of individuals, families, and small businesses who buy insurance. This year there is a proposal to shield insurance agents from the mandates of the federal insurance reform. I expect that the industry folks will, unfortunately for the rest of us, have many friends in that group.
If the regulators are so close to the industry that they regulate, I guess it is good for our business, since we can still represent people who have been wronged by insurers, but bad for most everybody in the long run.