Nebraska, Utah outrank Centennial State.
Colorado Earns B Grade for Insurance Regulation.
Colorado maintained its B grade in an annual nationwide study that measures how states rank in insurance regulation.
The R Street Institute Insurance Regulation Report Card listed low politicization and fiscal efficiency as Colorado’s strengths. However, neighbors Nebraska and Utah both fared better in the study, earning A’s. New Mexico, Arizona and Wyoming received B’s, while Kansas got a C.
“Regulation may, in some cases, hinder the speed with which new products are brought to market,” the report states. “We believe innovative new products could be more widespread if more states were to free their insurance markets by embracing regulatory modernization.”
Aside from earning a “B”–just like last year–Colorado was ranked 14th in the country.
Both letter grade and ranking were based on how a state measured up according to the following questions:
- How free are consumers to choose the insurance products they want?
- How free are insurers to provide the insurance products consumers want?
- How effectively are states discharging their duties to monitor insurer solvency, police fraud and consumer abuse and foster competitive, private insurance markets?
The full report can be found here.