No. of Recommendations: 3
Why would you want to buy insurance from an out of state provider who had no facilities in your state? No oversight? No compliance burden?
For the same reason that branch banking laws were "reformed". Remember when all the credit card companies moved their domicile to South Dakota? Most states still had usury laws that limited how much the CC companies could charge. SD had no usury laws, so, by moving to a PO Box in SD, a CC company could gouge you as much as they wanted. Don't you remember all those mass demonstrations, hundreds of thousands of Proles demanding their interest rate on their CC balance be tripled or quadrupled? Oh yeah, that didn't happen. But the "reform" happened anyway.
We are assured by our "leaders and statemen", that the path to economic nirvana is through "deregulation".
Steve
