HB 1043 would allow out of state health insurers to issue policies in Indiana without complying with Indiana health insurance laws, so long as they are licensed to do business in some other state and meets certain financial solvency requirements.
This looks like an effort to enhance competition in health insurance, according to a certain kind of dogmatic approach to improving the health insurance industry. The problem is the real likelihood that what this really does is encourage a race to the bottom wherein health insurers relocate to the state that requires the least accountability and oversight. This seems to have happened with banks and credit cards and has resulted in national consolidation, a dysfunctional financial industry, and customers who often get steamrolled by superior firepower. (This is already largely the case with the health care system we’ve had for the last generation or so; but it seems like this kind of legislation stands to add steroids to the equation.)
doesn’t car insurance also have similar provisions now? which is why almost all of them are headquartered in Iowa or North Dakota or somewhere where they can get away with pretty much anything they want?