Time For Tough Love
Taking over as New Yorks top insurance regulator would not beeasy under any circumstances, given the states high profile and theinsurance giants that inhabit the domicile. However, the stakeswere raised even higher thanks to Attorney General Eliot Spitzersprobes into bid-rigging, contingency fee abuse and balance sheetmanipulation via finite reinsurance.
Thus, when Howard MillsRepublican Gov. George Patakis choice forinsurance superintendentlaid out his philosophy before a group ofthose he regulates, I expected him to read the riot act. Instead,he bent over backward in a recent speech before the InsuranceFederation of New York to be non-threatening, repeatedly reassuringlisteners he is “not looking to hurt the industry” and would notresort to “overreactive regulations.”
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