An outdated and inefficient state regulatory system unnecessarily raises U.S. insurance costs while discouraging capacity growth among both domestic and foreign carriers, an industry leader told global insurance executives gathered 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, charged Evan Greenberg, president and chief executive officer of Bermuda-based ACE, Ltd.
Mr. Greenberg, who spoke on a panel here during the International Insurance Society's annual seminar, was one of several industry speakers who ripped the state regulatory system's shortcomings, drawing a spirited rebuttal from one top commissioner in attendance.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
