NAMIC's President and CEO Charles Chamness put it a bit more succinctly while simultaneously slipping in a bid to keep regulation a state-based issue. “[We] urge the Treasury to exclude P&C insurance companies from any program that would provide direct capital assistance to insurers, and to leave our solvent and effectively regulated segment of the financial services industry out of any new federal regulatory requirements,” he said.

It was a somewhat shocking reaction not because of its content, but rather for the circumstances that preceded it. Circumstances that caused financial branches of firms like AIG to gobble up $90 billion almost as soon as the money was made available, and made beggars out of General Motors. In seasonal terms, the P&C industry's “thanks but no thanks” response was as surprising as hearing a version of A Christmas Carol in which Tiny Tim not only tells Scrooge to keep his gifts but also that he's doing just fine on his own, thank you very much. It's a rare reversal of roles for insurers, who are typically cast as the coal miser, whether in lawsuits or when it comes to rate discussions with regulators, at least in the court of public opinion. And it's also something else: It's refreshing.

After all, these reactions came amidst an announcement that the industry paid almost $12 billion in catastrophe claims in the third quarter alone. Let's not forget about the stock market, either, which seems to know no bounds in terms of daily percentage drops. This is dramatically affecting insurers' anticipated reserves and investment gains. Despite all of this, though, most P&C insurance divisions believe wholeheartedly that government assistance is unnecessary. In a world currently teeming with bad news, it's reassuring to know our corner of the business world resisted temptation and realized that, like those who buy insurance, it pays to be prepared for a worst-case scenario.