Would those of you longing for federal regulation of insurance be quite so enthusiastic about having Uncle Sam overseeing your business if the National Insurance Czar ended up being Eliot Spitzer, the person whose relentless probes turned the industry upside down?
Sound far-fetched? Perhaps, but only because New Yorks crusading attorney general is probably going to be too busy running his home state as governor to take the job.
However, luckily for Democrats, there are plenty of other candidates out there for the new regulatory post who are just as hostile to the industry, such as two-time nemesis John Garamendi, insurance commissioner of California, or longtime gadfly J. Robert Hunter of the Consumer Federation of America.
Yes, I said Democrats. With Republicans running scared about losing control of Congress this November, and the approval rating of President George W. Bush at 33 percent, it's conceivable that a Democrat would be the one choosing the first federal insurance regulator, if Washington ever gets its act together and finally decides to take a direct role in overseeing insurance.
You get my point. Concentrating power with one federal regulator would free carriers and brokers from pesky state regulations, but it might also leave them at the mercy of one really tough pooh-bah.
So, what do you think about that? Post on my blog and let me know!
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