@logicallee, I love your point about information asymmetry and trust.
State insurance regulators (not always active, funded, or competent) are supposed to assure that rates are actuarially justified: historical evidence, large enough pools to share risk, causality, and statistical validity. They are theoretically intended to pierce the mysterious veil insurers use for pricing. Here's hoping state and provincial regulators step up their game at least as fast as the insurers.
State insurance regulators (not always active, funded, or competent) are supposed to assure that rates are actuarially justified: historical evidence, large enough pools to share risk, causality, and statistical validity. They are theoretically intended to pierce the mysterious veil insurers use for pricing. Here's hoping state and provincial regulators step up their game at least as fast as the insurers.