Insurers oppose bill that would allow feds to regulate troubled firms
Insurance trade associations are objecting to legislation that would allow federal banking officials to regulate large insurers and other institutions that some in the government believe pose a systemic risk to the nation's financial systems. NAMIC Senior Vice President Jimi Grande said the bill would give the federal government vast powers over companies it would identify as "systemically significant," adding insurance differs essentially from other financial services products. The industry also "does not pose a systemic risk because insurers are very liquid, they maintain low leverage ratios, are not interconnected and are heavily regulated for solvency at state level," he added.
National Underwriter | 10/28
This story published in NAMIC dailyLead on 10/29/2009
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