Strong prior approval regulation and oversight of insurance is the best way to protect consumers, resulting in slower premium growth, better quality insurance products, and a more competitive market. Prior approval regulation also promotes higher quality products and practices and provides a mechanism for restitution when consumers are harmed. Moreover, other states have moving toward stronger and more comprehensive insurance regulation; for example, Delaware recently became a prior approval state.

The failure of Louisiana regulators to meet their oversight responsibilities is not a reason to deregulate this critical market--deregulating the insurance companies will not solve the state's insurance crisis. It will only make things worse.