Quote:
Originally Posted by Slava
The banks are not the same thing. The insurers have what amounts to a legislated monopoly. If you want a car you MUST have PLPD coverage. There is no such rule regarding any banking product that I'm aware of?
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But banks offer a product that most households require, accounts and mortgages to ensure they are secured. It's not that government imposes it to force you to have it but legally you need it to carry ownership. The banks have an oligopoly in place and it is firm, too many insurers have saturated the insurance market it is not a monopoly in the least it is very competitive depending on what insurance lines you look at, since auto is regulated there isn't much difference, for the other lines the market is made up of hard and soft cycles that look more normal.
The government interferes with banks much like insurers, they act as watchdogs.