Saturday, January 27, 2007

The Free Market Doesn’t Work in the Interest of the People

Unless, by “the people,” you mean “insurance and business officials”:

Louisiana property owners would be hurt if this state’s legislators follow the example of those in Florida and approve pro-consumer insurance reforms, insurance and business officials say.

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The Florida bill, among other things, would order reductions in premiums and allow the state-run insurer of last resort to compete with private insurance companies.

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One issue passed by the Florida Legislature that could prove divisive in Louisiana is called the “anti-cherry-picking” law. Florida’s bill would require insurance companies that sell auto protection in that state and property insurance in other states to also sell homeowners policies in Florida.
Good thing our representatives on the state level are looking out for our interests:
Sen. Julie Quinn, R-Metairie, said she wants her legislative insurance task force to focus on bills most likely to pass. That means reforms to which the insurance industry agrees.

The insurance industry is much too powerful in Louisiana for lawmakers to attempt as strong a pro-consumer angle as Florida, she said.

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“I’m sure somebody will file that piece of legislation here,” Quinn said. “That’s highly controversial and something that the industry would fight against vehemently.”
My democracy, my democracy, why hast thou forsaken me?

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