August 3, 2010
Compliance costs-both in terms of finances and time-are high, and those costs are eventually felt by clients. Adding another layer of regulation means another layer of compliance, and even more cost to clients. When does it end? we simply cannot regulate the industry to death.
I hold a property/ casualty, accident/ sickness and life license. We are examined quite often both internally and externally. Seems like we spend an aweful amount of time on compliance and regulation. We go above and beyond the requirements at LMG. But all we hear about are more and more regulations.
I think that we should enforce the rules and regs we have now- what good does it do to create more and more? Its just adding to an already swollen govt.
Not to mention, we have people leaving the financial services and insurance business every day that are just plain tired of this BS What will happen if no good folks are involved anymore, all the good ones retire or quit?
Thanks for your time