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Why Competition Is Worth The Political Risks

During a recent hearing on personal lines regulation focusing on proposals to move from prior approval to more competition-based systems, Ohio Insurance Director Lee Covington asked each individual presenting testimony: “Why should commissioners take the political risk of supporting such measures?”

Leave it to Mr. Covington to cut right to the chase. He chairs the National Association of Insurance Commissioners’ Improvements to State-Based Systems Working Group, which held the hearing in question from April 30 through May 1.

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