Insurance Regulators Pursue Reform Agenda Proposed by Prof. Schwarcz

According to a National Underwriter article, at a recent meeting of the National Association of Insurance Commissioners, regulators voted to create a committee to evaluate and propose solutions to the problem of insurance policy transparency in personal lines insurance markets. Professor Daniel Schwarcz detailed the underlying problem in a presentation to regulators prior to their vote. The presentation was based on his research finding dramatic differences in the content of insurers' homeowners policies despite the inability of even informed and sophisticated consumers to comparison shop on the basis of these differences. Schwarcz's research is available online at http://ssrn.com/abstract=1687909.