Posted: Wed Nov 24, 2004 5:44 am
On November 9th I posted that the Spitzer investigation has opened the window on the anti competetive nature of the insurance industry. I doubt if regulators never ever realized on how much insurance hold the reigns on the insurance distribution to the American consumer. I warned of that because of what they will realize will lead to the possible loss of the anti trust exemptions that are held by insurance companies. I could use the puffery of a national radio talk show host pointing out "I was correct" but I'll leave that to the national radio host.
IMHO the loss of anti trust exemptions will toss the P&C dinosaur, gray suited, business as usual folks into the 21st century. THe next shoe to drop will be the question of, "why is there a lack of open brokerage in the insurance industry?"
<a href='http://www.insurancejournal.com/news/na ... /47786.htm' target='_blank'>http://www.insurancejournal.com/news/na ... 786.htm</a>
From Insurance Journal
"November 17, 2004
A bulletin from the office of lame-duck Illinois Republican Sen. Peter G. Fitzgerald indicates that: "It might be time to use federal antitrust enforcement to ensure that the insurance brokerage industry remains free, competitive, and healthy for consumers."
Fitzgerald said Congress might consider amending the antitrust provision in the McCarran-Ferguson Act of 1945 as it relates to insurance brokers. The act currently exempts the business of insurance from most federal antitrust laws. He also said Congress might consider allowing the Federal Trade Commission to study insurance, and he called for increased transparency in the industry."
IMHO the loss of anti trust exemptions will toss the P&C dinosaur, gray suited, business as usual folks into the 21st century. THe next shoe to drop will be the question of, "why is there a lack of open brokerage in the insurance industry?"
<a href='http://www.insurancejournal.com/news/na ... /47786.htm' target='_blank'>http://www.insurancejournal.com/news/na ... 786.htm</a>
From Insurance Journal
"November 17, 2004
A bulletin from the office of lame-duck Illinois Republican Sen. Peter G. Fitzgerald indicates that: "It might be time to use federal antitrust enforcement to ensure that the insurance brokerage industry remains free, competitive, and healthy for consumers."
Fitzgerald said Congress might consider amending the antitrust provision in the McCarran-Ferguson Act of 1945 as it relates to insurance brokers. The act currently exempts the business of insurance from most federal antitrust laws. He also said Congress might consider allowing the Federal Trade Commission to study insurance, and he called for increased transparency in the industry."