Consumers fare better under state regulatory systems requiring prior approval of insurers' rates than systems with fewer regulatory controls, according a national study released today by the Consumer Federation of America (CFA).
Critics, including insurance industry representatives, questioned CFA's methodology and policy recommendations.
"It is very clear that consumers fare best under a system of prior approval of insurance rates," said J. Robert Hunter, CFA's director of insurance. "Not only are rate changes held down, but competition is not dampened and profits are reasonable for the insurers."
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