I’m glad that Mike Kreidler is the Insurance Commissioner.
Insurance Commissioner Mike Kreidler is fining four insurance companies for overcharging consumers in Washington state.
Kreidler’s office said Tuesday that Hartford Accident and Indemnity Co., Hartford Casualty Insurance Co., Hartford Insurance Co. of the Midwest, and Trumbull Insurance Co. have agreed to each pay a total fine of $100,000 split up among the companies.
I’m not sure that would have happened if there were a Republican in that role. Maybe everything would be the same, but I suspect their corporate friendly agenda would have led them to do the minimum if they even bothered with the case at all. It’s important to have strong rules, but it’s also important to have people who will enforce them.
A Republican would be arming the insurance companies.
@ 1
A Republican would have gone to meet them in secret to solicit campaign funds or set up a Political Action Committee or to set up a Nixon-type slush fund for expenses while he got ready to announce his candidacy for Governor.
That Bladerunner 51 isn’t going to pay for itself y’know.
It’s a long fall to go from Law And Order Republicans to Republicans Against The Rule Of Law. Never thought I’d say it, but I kinda miss the Law And Order Republicans.
$100.000, split four ways? Even if some of the companies are related to one another, that’s a drop in the bucket – just part of the cost of doing business, and a pretty small part at that.
Of course, it may not be Kreidler’s fault, that may be the limits of his authority to charge penalties absent a judicial verdit. And doing something is better than doing nothing.
I’m not sure how the fine works, but paying back all the money overcharged (even to the point of repaying any interest earned on the ill gotten gains) and, in addition, paying a fine, might have a deterrent effect.
# 5: But that’s just the companies and policies that were identified. Lots of other companies, and policies by the same companies, were probably not identified.
I think the biggest deterrent would be to cancel the license to do business of any company found to have engaged in such behavior – in addition to such fines, damages, etc.
@6 If they do that, there won’t be any insurance companies, and nobody will be able to buy insurance.
@5,
They did that earlier. It’s in the linked article, but I probably should have been more clear.