What assurances do consumers have that they will not be harmed in the transition to managed competition?
The Commissioner retains broad statutory authority and regulatory powers to take corrective actions should any insurer seek to take advantage of consumers under the system of managed competition. The Commissioner can disapprove rates before they become effective. The Commissioner also has the power to prevent rates that are unfairly discriminatory; and, the Commissioner retains the power to step in after the fact if evidence indicates that rates are excessive in any given territory.
