Vermont vs Louisiana – Insurance Regulations
For the fifth straight year, Vermont had the best insurance regulatory environment in the United States, according to the R Street Institute’s recently released Insurance Regulation Report Card, an annual examination of which states best regulate the business of insurance.
In the 2018 report, R Street Senior Fellow and Director of Finance, Insurance and Trade Policy R.J. Lehmann addresses three fundamental questions: 1) How free are consumers to choose the insurance products they want? 2) How free are insurers to provide the insurance products consumers want? 3) How effectively are states discharging their duties to monitor insurer solvency and foster competitive, private insurance markets?
“In 2018, we saw progress toward more competitive insurance markets,” Lehmann said. “Residual property insurance mechanisms continued to shrink. Several states, notably Missouri, moved to loosen systems for filing rates and forms in the commercial insurance space. On the other side of the ledger, Illinois—long among the most free-market insurance environments in the nation—introduced stringent controls on its workers’ compensation market after overturning Gov. Bruce Rauner’s veto.”
