• Player's Point: Regulatory Alchemy: The Conversion of Credit Insurance to Debt Protection
  • June 5, 2007
  • Law Firm: Morris, Manning & Martin, LLP - Washington Office
  • The year is 1994. The setting is the June NAIC meeting in Baltimore, but it could have been any of the NAIC meetings during that period. The protagonists are the same every meeting. In one corner is the credit insurance industry, lead by Wally Runkel, then Vice President of the Consumer Credit Insurance Association. In the far corner is Jay Angoff, then Director of Insurance for Missouri, Chairman of the Committee on Credit Insurance. It is an endless bout of give and take in crafting specific model laws and regulations to block real or perceived industry abuses. The result is an insurance product that may be the most heavily regulated of any insurance product presently in the marketplace.