Michigan Votes Forum

This language is very open and it does not indicate which line of insurance this will impact.  This is a grave concern.  Insurance was classified as commerce to protect citizens and businesses and the state has the authority to regulate the business of insurance so as to protect citizens and businesses.  Those who act as insurers are to manage risks, if a risk is so hazardous as to consume half of the funds where is the protection for consumers.  Insurance contracts become bailout contracts and not safety nets.   

The U.S. economy has experiencing the worst financial depression. In the second half quarter of 2008, financial pressures intensified and triggering massive financial instability and global financial markets. In the United States, unemployment rate surged, with GDP declining by 6.25 percent in the fourth quarter of 2008 and a further 5.5 percent in the first quarter of 2009. Negative territory had been an effect of inflation sank. Production and international trade had slowdown, with pronounced contractions in manufacturing exporters. Measures of financial stress, especially credit spreads, increased payday loans, while Treasury yields fell and the dollar strengthened amid safe-haven flows. Despite the growth of dollar, the U.S. current account deficit receded on the back of weak domestic demand and lower oil prices.