The Heartland Institute is a research and educational organization devoted to discovering, developing, and promoting free-market solutions to social and economic problems. Through offices in Chicago, Washington, Texas, and Ohio, Heartland consistently has advocated an insurance environment that allows consumers to purchase the insurance products they want and allows insurers to sell them.
As such, Heartland welcomes the opportunity to offer input on ways to modernize and improve the U.S. system of insurance regulation. Our comments will focus on systemic risk regulation with respect to property and casualty insurance and reinsurance and the market inefficiencies fomented by state rate controls and large state-controlled residual market entities. We also offer comments on what we see as the proper role of the Federal Insurance Office in gathering, analyzing, and disseminating insurance data. In this context, we offer comments on topics one, three, four, six and seven. Throughout, our analysis will focus on property and casualty insurance and reinsurance, as we have not conducted extensive analysis of the life, health, title, mortgage, and financial guaranty insurance industries.