Sunday, April 26, 2015
Insurance Commissioner Rejects Filing for Being Completly Understandable
When the filing came across the examiner's desk, she thought it was a joke.
"The writing was so crisp - simple words, short sentences, you know that sort of thing. I understood it after the first reading. And that's what I found so alarming." Explained the examiner.
The usual course for insurance contract filings often involves a series of interchanges between the insurance company and the regulatory authority before a product can be sold to the public. Insurers often wonder if the commissioners actually read what they wrote. Commissioners often wonder if the filing was written in English.
When the document in question reached the desk of this particular Commissioner, he knew that something must be done.
"It was a matter of self preservation," he admitted. "If all insurance contracts were this straightforward, there would be no need for my office. So I rejected it, and in my objection asked them to be a little more convoluted in their phrasing and obscure in the description of their approach. I also threw in a few objections like the typeface used and to spell out numbers for good measure."
The insurance company complied with all requested objections and had the contract approved.
"It was the easiest filings we've ever had." Explained one of the insurance executives. "We're still waiting for approval on a fire insurance policy we first filed in the late 1800's."
The company did not go into details about how they made the contract so easy to understand in the first place, but employees in the company have been speculating about the real reason elementary school students keep coming for daily tours.