It turns out George Dale is not the only local insurance commissioner going straight from his elected office to work in the Insurance Industrial Complex. Strangely Adams and Reese was silent on their hiring of Robert Wooley, the first insurance commissioner in Louisiana in several years not in jail because of corruption. This quote from the story sums up why none of the authors of this blog trust our insurance regulators and is the basis for our opinion that federal oversight of this industry is well past due:
"Bob Hunter, a former Texas insurance commissioner who is director of insurance at the Consumer Federation of America, said that Dale's new job at a law firm that represents so many insurance interests is another unfortunate tale of regulators caring more about the industry than the people who elected them.
"Nothing surprises me any more. The insurance industry and the regulators are so intertwined. We've had now two presidents of the NAIC (National Association of Insurance Commissioners) go directly to lobbying jobs with the insurance industry, and we've had so many former insurance commissioners head off in that direction, it's disgusting. How can the public trust state regulation with all this going on?" Hunter asked."
sop
Wednesday, January 23, 2008
From Insurance Regulator to Insurance Lobbyist: Incest in the System
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1 comment:
Well slap me nekkid and call me Lucille if ole Georgie boy didn't bed down with that other piggie on the insurance teat ole Bob Wooley. I bet theys plottin' how to screw more folks out of their insurance money as we speak!
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