A letter from candidate, Scott Reilly
We all have insurance industry experience as consumers. I have worked in various aspects of the industry since I was a teenager, literally starting in the mailroom. I have sold insurance, consulted with companies and consumer groups, and personally trained tens of thousands of Washington State residents to enter this industry. I fundamentally understand the good, the bad and the ugly. The qualifications of the incumbent consist of having been a consumer only, followed by years of on the job training; Washington deserves a real insurance specialist to head this key office.
I am seeking the Office of Insurance Commissioner (OIC) of Washington State for several reasons:
Primarily, I would like to unravel onerous regulatory burdens placed upon the Insurance Industry by the OIC and the present administration. I have been in the insurance industry for over thirty years and have witnessed a massive regulatory shift.
On the other hand, the OIC is operating under an antiquated system of requiring prior regulatory approval before any new products are offered to the public. This prior approval process requires both a form and rate filing, which is subject to approval by the OIC. In many cases this process has taken several months to years. We live in the information-age – no procedure should take this long. Often competitive products that should be available to consumers are rejected. Meanwhile, many of these same insurance policies are available in Oregon and Idaho. In a larger perspective, this limits consumer’s choices, is highly anti-competitive because it restrains market forces and acts as a barrier to innovation for Washington residents. I seek to create a level playing field where the OIC reviews products and rates, allowing consumers to choose from a wider range of products and to discover which work best for them.
Why do so many advertisements have to say “this product is not available in WASHINGTON STATE”?
I know healthcare reform is on the radar for most Americans; the OIC is going to play a significant role. We are not sure where this is going, The Federal Government currently has the ball, but implementation remains uncertain. I am convinced a pro consumer, and pro free market balance is the solution. In watching the free market operate, I am aware of its weaknesses, however I remain convinced of its dynamic ability to adapt to the marketplace. I recognize the need for regulatory oversight; I am not an industry cheerleader. There must be equilibrium between maintaining a viable insurance industry and acting as a consumer advocate. Whichever direction our industry goes it is imperative that Washington State elect an Insurance Commissioner who fundamentally understands the industry.
Interview with TV Washington Regarding Healthcare and Other insurance issues in the state.
Please take three minutes to listen to this TVW interview. Click here