Axa executive: Federal oversight is needed for the insurance industry

08/26/2010 | Bloomberg

Christopher Condron, CEO of Axa Equitable Life Insurance, said that an investigation into the company's retention of death benefits highlights the need for federal supervision of the insurance industry. "Insurance assets do have guarantees, but the guarantees are state by state," Mr. Condron said. "If there were a federal regulator, these accounts could have a consistent amount of insurance on top of them," which could be comparable to the Federal Deposit Insurance Corp.'s coverage of bank deposits.

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