Argument for: cuz’ d’mcrzy
Argument against: ppl just gonna vote for lower rates and insurers will flee the state
Argument against: the average voter is dumb and people who tend to run for elected office are even dumber - and all we need is more people who are dumb about the thing they’re supposed to be in charge of.
Exhibit A: California
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I’m biased, but definitely don’t like having them.
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Commissioners, or elections?
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Elected Commissioners.
Starts with defining the job. Commissioners should protect insurers, so that insurers can protect policyholders, who are state citizens. Otherwise, the state becomes the insurer.
They should just focus on a dual mandate: fair prices and a healthy market. I think the northeast is pretty well regulated in this regard. We don’t need to gut the DOI, but the incentives and issues with direct democracy in CA are silly.
Under no circumstances should that be an elected position.
Just look what happens when populists get to be DA’s. Put that kind of lunacy into insurance and the market will stop functioning. NY DFS is already almost completely unreasonable. I shudder to think what a DSA commissioner would try to put in place.
If not elected, they’re appointed. There are pluses and minuses to both. Some govern fairly, and some less fairly.
Be honest here. Actuaries in general have a well earned rep for NOT being people persons. Now make the head state actuary position a popularity contest and what does that give you?
Rate increases for some, miniature rate increases for others.
I agree that there’s still a risk of shenanigans from appointed commissioners, but there is at least some added buffer from the risk of a potential commissioner going direct to the public with a statement of “elect/reelect me, and I will block rate increases from those evil insurers”.
Of course, at the moment I’m rather cynical towards the notion of American voters collectively being capable of making good decisions.
I don’t like elected insurance commissioners. Aside from previous comments about possible incentives for office seekers to make promises to fight the evil insurance companies, it also creates incentives on the other side of the coin for corruption. See the history in Louisiana.
Not sure elected judges make sense either. We do that here, and information is usually sorely lacking despite my attempts to find it. Agree that DA isn’t a good elected office either.
What ever could make you think this??
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