Why do brokers and their organizations continue to support state licensing? The logic of this continues to elude me. A May 4 article in the P & C National Underwriter has the President of the IIABA urging brokers to weigh in on the matter of Federal Regulation. I can only assume he means that this is for continuing state licensing. How can that possibly be? My agency has retail and surplus lines licenses in virtually every state which means 150-200 licenses. In some of those states, we have to file our corporation. Why do people in our own industry support a system that is detrimental to our operations?
The president of the IIABA then goes onto talk about recruiting young people. Maybe if we had a more up to date, internet friendly industry such as national licensing, we might be able to attract young people who appreciate savvy business procedures. Our industry system was set up in 1945 with the passage of the McCarran Ferguson act and our modes of operation have not changed a lot since then.
Isn’t it time we updated the way we do business?
Tags: federal insurance regulation, McCarran Ferguson Act, regulatory reform, state licensing
Do you think health reform will pass? What will this do to the insurance business? Particularily LTC?
Do you think the Class Act ( long term care insurance ) portion of health reform will remain in the Senate bill, or has it already been made a part of it? SOrry if I am a little off topic here.
nice posting and thanks for very useful information.
Will health care reform diminish the need for long term care insurance?
“There is no comparison between that which is lost by not succeeding and that which is lost by not trying.” FAILURE IS ALMOST ALWAYS CAUSED BY NOT TRYING HARD ENOUGH. WE HAVE ALMOST WON THE HEALT CARE BATTLE.