Consumer empowerment: public policy and insurance regulation

Abstract

AbstractThis paper explores consumer advocacy as it applies to insurance regulation based on the literature and on the author's experience as a consumer representative and member of the Board of Trustees for the National Association of Insurance Commissioners (NAIC). The NAIC, founded in 1871, is a non‐profit voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia, American Samoa, Guam, Puerto Rico and the Virgin Islands. One of its key objectives is to facilitate the fair and equitable treatment of consumers. Each year 13–16 consumer representatives are selected to speak for consumers at national meetings in addition to serving as year‐round resources to consumers, attorneys representing consumers, regulators, and other groups. Readers of the paper are encouraged to participate more fully in the public policy process. Although the focus of this paper is on insurance and regulation in the USA, the guiding principles apply to other nations, organizations, and consumer causes.