Insurance is heavily regulated in Washington. Some level of state regulation is essential for insurance to be effective and to protect consumers against fraud. At the same time, too much regulation drives up prices, stifles competition and reduces choice and affordability for consumers. In the heat of these policy debates, the real meaning of insurance is often lost, and it becomes easy for policymakers in Olympia to forget why people need insurance in the first place.
In this study, Washington Policy Center Adjunct Scholar Eli Lehrer steps back from the day-to-day controversy and describes what insurance is, why it is regulated, and why reliable, affordable insurance policies are needed to allow citizens to manage risk and to participate in the modern economy.
Read the full Policy Brief here
