Regulation and competition should not be at odds with one another, as both share the same goals, a leading consumer group official argued here during the CPCU Society's annual conference.
Both regulation and competition have the same ultimate objectives–to provide wide availability of good coverage at the lowest possible price, consistent with a fair return for insurers, according to Travis Plunkett, legislative director of the Consumer Federation of America.
A recent CFA study found that states with effective regulatory regimes have accomplished this balancing act, said Mr. Plunkett, who cited California as an example. States with effective regulation, he added, have spurred competition, kept rates low and delivered profitable bottom lines for insurance companies.
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