The difference is that insurance companies can choose not to insure someone. Reputation/history isn't fungible. Presumably they have skin in the game to have ac

The difference is that insurance companies can choose not to insure someone. Reputation/history isn't fungible. Presumably they have skin in the game to have actuaries figure out who doesn't get to be an officer. Not saying it's a good scheme just that there's more at play than just money.