Time For Tough Love

Taking over as New Yorks top insurance regulator would not be easy under any circumstances, given the states high profile and the insurance giants that inhabit the domicile. However, the stakes were raised even higher thanks to Attorney General Eliot Spitzers probes into bid-rigging, contingency fee abuse and balance sheet manipulation via finite reinsurance.

Thus, when Howard MillsRepublican Gov. George Patakis choice for insurance superintendentlaid out his philosophy before a group of those he regulates, I expected him to read the riot act. Instead, he bent over backward in a recent speech before the Insurance Federation of New York to be non-threatening, repeatedly reassuring listeners he is “not looking to hurt the industry” and would not resort to “overreactive regulations.”

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