As millions of Americans head to the polls and wait to see how the nationÃ¢â‚¬â„¢s political landscape may or may not change after todayÃ¢â‚¬â„¢s mid-term elections,Ã‚ commentators sayÃ‚ the results could have significant implications for insurance.
A.M. BestÃ¢â‚¬â„¢s Election News 2010 website reports that voters nationwide could overhaul the insurance landscape:
Because of term limits and decisions not to run, about half of the countryÃ¢â‚¬â„¢s governors will be new. That could bring a tremendous change in the U.S. regulatory climate and will surely mean a great number of state insurance regulatory offices will soon be occupied by new commissioners.”
On the federal level, A.M. Best notes that key congressional races with insurance industry implications include those of Rep. Paul Kanjorski, D-PA; Rep. Earl Pomeroy, D-ND; Rep. Richard Neal, D-MA; and Rep. Walt Minnick, D-ID.
Both A.M. Best and Insurance Journal report that insurance commissioners will be elected in four states. Races will be determined in Georgia, Oklahoma and California, while in Kansas Sandy Praeger faces no opposition after prevailing in the August 3 Republican primary and will retain the commissionerÃ¢â‚¬â„¢s post.
Results of governor races in two key insurance markets Ã¢â‚¬“ California and Florida Ã¢â‚¬“ will be keenly watched by the industry. Florida will also elect a new chief financial officer to fill the post vacated by Alex Sink, the stateÃ¢â‚¬â„¢s Democratic candidate for governor.
Follow the latest insurance-related election news and state-by-state coverage of the results on A.M. BestÃ¢â‚¬â„¢s Election News 2010 website.