Crappy oversight is better than no oversight. I don't care about oversight. I care that the taxi I get in to doesn't crash. I don't have a lot of faith that r

Crappy oversight is better than no oversight. I don't care about oversight. I care that the taxi I get in to doesn't crash. I don't have a lot of faith that regulators will do a good job reducing the probability of that outcome. I think they're likely to be corrupt, incompetent, apathetic or some combination of the three. I do have a lot of faith that insurance companies will do a good job maximizing their own profits. Those that fail to do so will cease to exist. If we can tie insurance company profits to my taxi not crashing, I think they'll do a near-optimal job of reducing the probability of that outcome. I agree that $1M seems low for a taxi. That doesn't even cover one wrongful death.