Regulators urge advisors to be a resource for lawmakers

LAS VEGAS - With a new Congress, new state legislatures and several new governors taking office at the beginning of the new year, state insurance regulators gave advisors a homework assignment – reach out to your newly elected officials and offer yourselves as a resource.

Three state insurance commissioners discussed the road ahead for regulation and the industry during Protectors 2026.

Regulators have a wish list of issues they would like the new Congress to tackle and the first on the list is addressing the expiration of enhanced tax credits that enabled consumers to buy health insurance on the Affordable Care Act exchanges. Congress allowed those enhanced tax credits to expire at the end of 2025, resulting in higher premiums that forced many consumers to cancel their coverage.

“I know these enhanced tax credits were meant to be temporary, but let's do a glide stop instead of a hard stop,” said Glen Mulready, Oklahoma insurance commissioner. He predicted that Congress may consider implementing some kind of tax credit or subsidy to make health insurance more affordable.

He also called on Congress to address Medicare Advantage. “The states are seeing providers pull out of that product, and it’s causing major disruption,” he said.

Another issue is homeowners insurance affordability, which Mulready said every state is dealing with.

The agent's role is to meet with their new representatives at the state and national levels, as well as any newly appointed or elected state insurance commissioners, Mulready said.

“You need to be a resource for these folks,” he said.

Regulators see promise and risk with AI

The increasing use of artificial intelligence in insurance is something where Carter Lawrence said, “I see a lot of promise but there’s a lot of risk.” Lawrence is the Tennessee insurance commissioner.

“I have enormous concerns about the ability of society to adjust to the scope of job loss we will see as a result of AI,” he said. “But I have a lot of confidence in the regulatory framework we currently have. We still have an existing framework that is sufficient to address whether consumers will be protected against illegal forms of discrimination.”

On the plus side, AI offers insurers “better speed, better customer service and the ability to drive down some internal costs,” Lawrence said. “I’m cautiously optimistic about the future.”

Technology also brings better tools for consumers, said Larry Dieter, South Dakota director of insurance. “I hope consumers use those tools to become better educated about insurance,” he said.

Longevity is another issue advisors must address, Dieter said.

“Longevity is a big thing; everyone is living longer because of technology,” he said. “Advisors must get more involved with longevity planning with clients. Longevity planning is part of financial planning.”

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Susan Rupe is editor in chief, magazine, for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at susan.rupe@innfeedback.com.