CHICAGO–An outdated and inefficient state regulatory system unnecessarily raises U.S. insurance costs while discouraging domestic and foreign carriers' capacity growth, an industry leader told global insurance executives here.
“Our 50-state regulatory structure is costly, highly inefficient and frankly is an anachronism as well as a trade barrier,” keeping new capacity out of the U.S. market, said Evan Greenberg, president and chief executive officer of ACE, Ltd. in Bermuda.
Mr. Greenberg, who spoke on a panel during the International Insurance Society's annual seminar, was one of several industry leaders who ripped apart the state regulatory system during the conference. Such comments drew a spirited rebuttal from one of the state regulators here.
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