It has been a long time since I last heard somebody speaking Pure, Concentrated Nonsense. Glenn has made up for that.

So the insurance industry will bear this cost? When they suffer losses, that loss is tax deductible so 40% is borne by the taxpayers directly anyway. Additionally, if the insurance industry makes a profit, they will pay big fat bonuses to directors but if they suffer losses, they raise premiums hitting the government and taxpayers anyway. Government (indirectly taxpayers) pay 100% premium plus net tax losses. 

Insurance is a net profit game or they would be out of Business. They either make profit, or if they suffer a loss anytime, they raise premiums and then recover losses and make More Profit !! 

Glenn, not sure how you got to where you are?