Insurance has become a necessity in the United States of America, not only for health, but for property, life, and automobiles as well. Insurance companies can offer valid products, but in the past have often chose not to. With the Affordable Health Care Act, some of their bad products were abolished, hut overall the entire industry is still not regulated as much as it could be.
I'm actually on the fence with this one. On one hand, strict regulation may not allow as much competition, and destroy the free market. On the other hand, with the repeal of the Glass-Steagall Act, we saw banks taking advantage of customers, leading the housing market bubble bursting in 2008. Glass-Steagall was enacted in 1931 to help regulate the banks. I think this may be good for insurance companies, as long as it not repealed.