Before Congress and the Obama administration turned their attention to health insurance reform, it was possible to believe that insurers could escape the tyranny of rate regulation if they had the option of choosing federal insurance regulation over state regulation.
Many proponents of federal insurance regulation assumed that policymakers in Washington understood that price controls are contrary to healthy insurance markets and increased consumer choice.
As evidence, they could point to the Treasury Department's "blueprint" for financial services reform issued in March 2008. The report noted with obvious disapproval that "under the current state-based regulatory structure some lines of property and casualty insurance, such as automobile and homeowners, are frequently subject to some form of rate regulation."
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