Kreidler no advocate

Seniors now know what Insurance Commissioner Mike Kreidler means when he claims he is a “staunch advocate for consumer protection.” What a joke. How about “staunch protector of insurance company profitability.” Thanks to Shawn Vestal of The Spokesman-Review and my three state representatives (Joe Schmick, Susan Fagan and Mark Schoesler), Kreidler had to justify his approval of a 41 percent increase in long-term care insurance premiums by Met Life.

Here is some of what Kreidler said in a letter dated Jan. 9:

“You asked how I could approve the rate increase Met Life received. The reality is that I have no authority not to.” Really? Why then are we taxpayers paying you for consumer protection?

“We are now faced with granting justified rate increases on products that were significantly underpriced.” Yes, actuarial assumptions were wrong. Justified, Commissioner Kreidler? Mistakes by big corporations making billions in profits are corrected on the backs of senior citizens? How nice for corporate America.

If cost increases are “borne by the insurance companies, they would run the risk of not remaining solvent.” Really, Commissioner Kreidler? Have you looked at the financial condition, profitability and executive compensation of Met Life lately?

John Thielbahr

Pullman