Ethan Schwartz, Columnist

States Aren’t Great at Regulating Insurance

Just look what sellers of investment products can get away with.

August 28, 2019 at 12:00 PM UTC

Ethan Schwartz has worked as an investment manager and financial services executive for 21 years. He was a special assistant to the deputy secretary of the Treasury in the Clinton administration.

Maybe the feds should step in.
Photographer: Zach Gibson/Bloomberg

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The U.S. insurance industry offers a test case of decentralized authority: Unlike much of the investment business, which is supervised at the federal level, insurers are almost entirely overseen by the states.

So how are states doing? Judging from what promoters of insurance products can say in their marketing materials, not so well.