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Wednesday, May 22, 2024
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INSURANCE COST TOO HIGH

Dear Source,
Can there be any relief for the high cost of insurance in the territory? As it was explained to me by several insurance agents the key to correct the problem is to increase competition, by allowing in more insurance companies into this market. However, that would also require an insurance board or commission that is not directly controlled nor influenced by the politics of the day. This proposed change would include separating the insurance agency from the banking and insurance agency that is currently under the Lt. Governor Office. By having a separate insurance commission or board that include insurance professionals being a prominent part and an Executive Director that is a specialist in the insurance industry I believe we in this territory would be able have improve insurance services because a board or a commission would encourage more insurance companies to enter this market and that would mean more competition, normally more competition translate into lower insurance rates.
Let us all contact our representatives in the Senate and demand that they take action post haste on the proposed reform of our insurance agency, by establishing a new professional insurance agency that will help reduce the cost of insurance. Let us pay attention to those Senators who come to the aid of the victims of the high cost of insurance that the current agency allows, and take note of those who fail to assist in the reform. We the people should exercise our rights and be vigilante and take action against those representatives that betray our trust.
Now the Insurance Guaranty Fund is under siege by members of the Senate, because of lack of imaginations these solons is grabbing at any funds they can find to get money pay government employees retroactive pay. Unless the payment is a one time event, the principle that recurrent expenses should be paid with recurrent income should apply. That fund was created for a specific purpose which is still valid today, to pay off claims for insurance companies that become insolvent. As stated earlier we need to remain vigilant to reject acts of desperation from intellectually bankrupt politicians who are very short-sighted in their public policies. Contact your representatives and let them know your position on the reform of the insurance agency and that you are against them tampering with the Insurance Guaranty Fund for anything other than the purpose for which it was created.
J.J. Estemac
Citizens Coalition for Better Government

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