Quite simply, there is no current ''system'' but 50 separate state systems plus a separate system for the District of Columbia. Some state regulators seem to do a decent job at serving customers and insurers alike - but others do not. One major problem stands out: The current system has brought insurance innovation to a standstill. Since insurers introduced modern homeowners’ insurance in 1950, the industry has not introduced a single entirely new property and casualty insurance product for individual customers.