When an insurance claim of his was denied, causing him financial and
emotional distress.although the matter was subsequently settled.Gerst,
an insurance attorney, conducted extensive research on the industry and
concluded that something was fundamentally wrong. His highly critical
expose points out the lack of uniform state regulations and absence of
federal oversight of the industry, which he concludes results in
a system that consistently favors the insurer over the consumer.
He describes the insurance scandals uncovered from 2004 to 2006 and
reports on the cases against Marsh & McLennan, AIG, and others. Gerst.s
solutions include .consumerizing. state insurance departments to ensure
fair treatment for consumers, federalization of regulation and oversight
of the industry, and new federal insurance laws. Although all will not
agree with Gerst.s analysis, he quotes the National Association of
Insurance Commissioners: .Insurance...with more than trillion in
annual premiums earned per year, is in a crisis and is on the brink of
major exposure and massive change..

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