|
American Risk Managers News
|
Concerns about Governmental Health Care Options
-
Tuesday, August 04, 2009
at
09:55
|
P/C Association Officers cite strong financial posture and warn against governmental options for health insurance.
In a sit down interview with A.M. Best, generally regarded as the top rating source for all insurance activities, David Sampson stated that the property casualty insurance is strong viable operation and neither needs nor wants federal bail out dollars or the accompanying Washington oversight. Sampson, president and chief executive officer of the Property Casualty Insurers Association; was accompanied by Senior Vice President Robert Gordon. Gordon has policy development and Association research as his responsibilities.
Sampson expressed pleasure that the Federal Financial Services Regulatory Reform did not propose a massive federal take over of insurance regulation. Sampson cited the economic situation as being detrimental to any sort of regulatory change.
Gordon pointed out that PCI members continue to be very strong in the present financial turmoil. They have suffered damage from the current environment but continue to meet their promises. Their financial condition is such that they have no need for TARP funds. The Association board instructed the officers to tell the Treasury Department that they strongly believe that no governmental money should come to the p/c industry since they believe in the free market. The core companies of AIG were not in need of any bailout.
Sampson voiced concern over the frontal assaults on private health insurers. He said the so-called public option to health insurance is really a fundamental step to undermining and dismantling the private insurance market. This action would most likely lead to a similar action in the property casualty market.
Sampson and Gordon both cautioned against attempt by the government to operate insurance companies, saying they have neither the expertise nor the worldwide capital to operate. Gordon noted the track record of government insurance companies is atrocious. He said they are not providing insurance---they are gambling. They are saying we are going to cross our fingers that a big event happen and if it does, the consumers and taxpayers pick up the bill after the fact.
|
|
 |
 |
