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Interesting article on Washington Post site today from the Center for Public Integrity about insurance commissioners become lobbyists and vice versa while almost none come from or move into consumer advocacy. From the article:
An investigation by the Center for Public Integrity found that half of the 109 state insurance commissioners who have left their posts in the past decade have gone on to work for the industry they used to regulate — many leaving before their terms expire. Just two moved into consumer advocacy…
...Consumer advocates and some commissioners say the tight bond between regulators and the insurance industry — reinforced by campaign contributions, lavish dinners and the prospect of future employment — diminishes consumers’ voices as insurers press rate increases, shape regulations and scuttle investigations.
It’s not a completely one-sided article – it does try to explain how important it is for insurance commissioners and other lawmakers to understand insurers’ products and services and how commissioners need to have a deep understanding of the industry that may best come from working in the industry, but nonetheless an interesting read if you have a few minutes.
https://www.washingtonpost.com/investigations/drinks-junkets-and-jobs-how-the-insurance-industry-courts-state-commissioners/2016/10/02/1069e7a0-6add-11e6-99bf-f0cf3a6449a6_story.html
An investigation by the Center for Public Integrity found that half of the 109 state insurance commissioners who have left their posts in the past decade have gone on to work for the industry they used to regulate — many leaving before their terms expire. Just two moved into consumer advocacy…
...Consumer advocates and some commissioners say the tight bond between regulators and the insurance industry — reinforced by campaign contributions, lavish dinners and the prospect of future employment — diminishes consumers’ voices as insurers press rate increases, shape regulations and scuttle investigations.
It’s not a completely one-sided article – it does try to explain how important it is for insurance commissioners and other lawmakers to understand insurers’ products and services and how commissioners need to have a deep understanding of the industry that may best come from working in the industry, but nonetheless an interesting read if you have a few minutes.
https://www.washingtonpost.com/investigations/drinks-junkets-and-jobs-how-the-insurance-industry-courts-state-commissioners/2016/10/02/1069e7a0-6add-11e6-99bf-f0cf3a6449a6_story.html
