You are here

OpenMarket: Insurance

  • Case of Mortgage Lender PHH Corp. Highlights CFPB's Unconstitutional Abuses

    November 30, 2017

    Former Consumer Financial Protection Bureau Director Richard Cordray’s attempt to name his own successor at the bureau appears to have stalled for now. It did,...

  • Pressure Grows to Reform Bank SIFI Designations

    October 27, 2017

    What makes a bank risky?

    While a simple question, the answer is anything but. As the 2008 crisis proved, managing risks in the financial system is far from straightforward and rarely easy to predict. What should be obvious, however, is that there is not a single magic aspect that pinpoints risk.

    Yet, Congress has a different take. The Dodd-Frank Act of 2010 determined that there is a magic line – a bank’s asset size. Currently, any bank with over $50 billion in assets is considered a systemically important financial institution (SIFI) and faces heightened prudential regulation. As a result, many run-of-the-mill regional banks are regulated in a similar manner to trillion-dollar Wall Street firms.

    Fortunately, a bipartisan bill that would reform the SIFI designation...

  • Obamacare Increases Premiums, Reduces Employment

    October 28, 2016

    Health care insurance premiums will increase significantly next year as a result of the Affordable Care Act, and many consumers will be left with access to only a single insurance provider, according to administration officials. Arizona will see the biggest spike in prices (a whopping 116 percent), while Oklahoma will see a spike of 69 percent and Tennessee, Minnesota, and Alabama will see spikes of around 60 percent. The national average will be about 25 percent, the administration says.

    Columnist Mary Katharine Ham wrote recently about how “My Defective Obamacare Health Insurance Product Just Blew Up.” Last year, her insurance plan’s cost went up...

  • The Chilling Effect of Dark Matter

    April 26, 2016

    Here at CEI, we know all about the chilling effect of executive power. We also know quite a bit about the extent to which the executive uses what we call “regulatory dark matter” to go beyond the normal legislative and rulemaking processes to impose more burdens on citizens and businesses. Today we have an example of both happening in the same issue, the Department of Labor’s final Fiduciary Rule.

    The rule will place huge burdens on the insurance industry, and will likely lead to middle class Americans losing access to personal investment advice (and all of this is supposed to be in...

  • Liberals and Conservatives Challenge Overreach of Dodd-Frank's FSOC on MetLife

    November 18, 2014

    As CEI brings suit before the D.C. Circuit Court of Appeals tomorrow challenging the constitutionality of unaccountable bureaucracies created by the Dodd-Frank “financial reform” law of 2010, it looks like we may have some high-profile company in litigation against Dodd-Frank’s Financial Stability Oversight Council (FSOC).

    The FSOC is a secretive, unaccountable task force of financial bureaucrats of various agencies created to designate banks and other financial firms “systemically important,” or too-big-to-fail. In September, the FSOC preliminarily decreed insurer MetLife a “systemically important financial institution,” or SIFI.

    As CEI argues in our legal challenge to the Dodd-Frank Act (including the FSOC’s role of identifying risk), the SIFI designation confers on a firm a strong competitive advantage, as investors and...

  • You're a SIFI, Charlie Brown

    September 5, 2014

    “Good grief!”

    That’s what the Charlie Brown, star of comic strip Peanuts and cartoon spokesman for the MetLife insurance firm, might say about the government’s actions against MetLife yesterday.

    The Financial Stability Oversight Council (FSOC), an unaccountable, secretive task force of financial bureaucrats created by the Dodd-Frank “financial reform” bill that was rammed through a Democrat-controlled Congress in 2010. Yesterday, FSOC designated MetLife as a “systemically important financial institution” or SIFI. This means that the federal government officially considers MetLife to be “too big to fail” and subject to the same Dodd-Frank bailout regime set up for banks.

    Many firms would see being tagged as a too-big-to-fail SIFI as a blessing. As CEI argues in our constitutional challenge to the FSOC, part of our ...

  • Dodd-Frank Is Obamacare for Non-Health Insurance

    July 7, 2014

    “If you like your life, home, and auto insurance, you can keep them.”

    President Obama didn’t make this promise when he signed into law the Dodd-Frank financial overhaul on July 21, 2010, as he did regarding the health insurance law – Obamacare – that he signed into law a few months earlier that year. But as syndicated columnist Jay Ambrose points out, “if the Dodd-Frank regulatory law does what is now plotted, though he will still share responsibility for the insurance provision that, along with others, could bloody lots of noses.”

    As Dodd-Frank approaches its fourth anniversary, Obama is singing its praises. He told National Public...

  • CEI Podcast for January 23, 2014: CEI Appeals Affordable Care Act Lawsuit Verdict

    January 23, 2014

    General Counsel Sam Kazman explains the case's importance not just for health care, but for the rule of law.

  • Obamacare Quadruples Rates for Some, Subsidizes Some Wealthy Who Retired Early

    September 30, 2013

    Due to Obamacare, North Carolina "will see individual-market" health insurance rates "triple for women, and quadruple for men."

    In Tennessee, Obamacare will triple men's premiums, and double women's, in the market for individual...

  • MoveOn admits: "[I]f younger, healthier people don't participate, then costs will skyrocket and Obamacare will fail."

    August 30, 2013

    MoveOn.org yesterday sent me an appeal asking for $5 to help fund a $250,000 social media campaign supporting ObamaCare targeted to reach young adults. Here’s why they need my five bucks:

     [R]ight-wing groups have launched a multi-million-dollar campaign to torpedo Obamacare before it even gets started. Their plan: Mislead young people about how the law works so they get scared and don't enroll. The problem is that it really could work because if younger, healthier people don't participate, then costs will skyrocket and Obamacare will fail. [Emphasis in original]

    MoveOn.org footnotes a Washington Post article, which explains that last sentence. From the Post Wonkblog article by Sarah Kliff: “Young adults...

Pages

Subscribe to OpenMarket: Insurance