| Copyright: | A.M. Best Company, Inc. | | Source: | BestWire Services | | Wordcount: | 488 |
The 2008 elections may be pivotal for insurers and insurance issues. From the state commissioner races to the national stage, catastrophes, health insurance and regulation are all in the spotlight. Check out A.M. Best’s Election News Web site, http://www.ambest.com/electionnews/, on the night of Nov. 4 for ongoing coverage of the races and results, videos and analysis.
The site also features polls, audio and in-depth reporting on the issues that matter to the insurance industry.
Five states have insurance commissioner races — Delaware, Montana, North Carolina, North Dakota, and Washington. After six terms and 24 years in office, North Carolina Insurance Commissioner Jim Long has opted to step down, setting up a competitive race for the position. In the running to succeed Long, a Democrat, are former Raleigh City Councilman John Odom and current Assistant Insurance Commissioner Wayne Goodwin.
Open races also will be seen in Montana, where State Auditor John Morrison is stepping down, and Delaware, where Insurance Commissioner Matthew Denn has opted to run for lieutenant governor. Montana''s race will pit Monica Lindeen, a Democratic former state House member, against Republican state Sen. Duane Grimes. In Delaware, Karen Stewart, a Democrat who ran against Denn in the 2004 primary and won 42% of the vote, faces off against Republican attorney John Brady in November.
Also potentially tight will be the race between Republican Insurance Commissioner Adam Hamm of North Dakota and state Rep. Jasper Schneider, a Democrat. Though an incumbent, Hamm''s name may not yet be familiar to voters, as he was appointed to replace former Commissioner Jim Poolman in October 2007.
Six races for governor, in states with appointed insurance commissioners, will be watched in Missouri, Vermont, Indiana, New Hampshire, West Virginia and Utah.
In the presidential race, Sen. John McCain opposes the creation of a national catastrophe fund, while Sen. Barack Obama is a co-sponsor of the Senate version of the Homeowners Defense Act. Meanwhile, McCain supports an optional federal charter for life and property/casualty insurers, while Obama has not taken a position on the matter. Obama has proposed stricter federal regulation of financial services, however. Health insurance is also an issue in the presidential race, as Obama supports an expanded federal role in health insurance and McCain would eliminate the employer-sponsored tax exclusion, and replace it with a $2,500 credit for individuals and $5,000 for families.
Meanwhile, several key congressional races will also be featured, including the heated race of Rep. Paul Kanjorski, chairman of the Capital Markets and Insurance Subcommittee, versus Hazelton, Pa., Mayor Louis Barletta, a Republican. The Pennsylvania Democrat has made insurance regulatory reform a top priority, and earlier this year moved through his subcommittee legislation that would, for the first time, create a Treasury Department office specifically focused on insurance issues.
For the industry, the loss of Kanjorski''s leadership would be a major blow, veteran industry advocates said.
Follow these races and more at the Election News Web site, http://www.ambest.com/electionnews/.
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