The High Price of "Reform": Title Insurance Rates and the Benefits of Rating Bureaus
认为废除评级机构、引入费率竞争的改革提案可能反而提高住宅产权保险成本，因为评级机构通过分摊资本成本和交叉补贴降低了住宅保单费用，并抑制了反向竞争带来的成本上升。
Current proposals seek to reform the title insurance industry by the abolition of rating bureaus and the introduction of rate competition. The authors contend that adoption of these proposals would be likely to increase rather than decrease the cost of an average residential title insurance policy. Rating bureaus have served to spread capital costs among all insurers, and have reduced costs to residential purchasers through cross-subsidization of residential policies by commercial and industrial policies. Rating bureaus and rate regulation serve to ameliorate, to some extent, the effects of reverse competition by restraining payments to agents for controlled business. In the opinion of the authors the reform proposals frequently err in failing to recognize the anti-competitive and cost increasing effects of reverse competition and the need for regulatory restraints on reverse competition.