NEW YORK–State regulation of the insurance business provides amore diverse, nimbler, less inept and less remote system of controlthan any federal system that could be developed, five former NewYork regulators, said at an industry conference last week.
They gave their viewpoints on a panel at the Downstate InsuranceAssociations Council's 76th Annual Conference after moderatorAlbert J. Beer, professor of Insurance and Actuarial Science at TheSchool of Risk Management, asked them to discuss the benefits ofstate regulation.
Former Superintendent Gregory V. Serio said state levelregulation allows for experimentation and the development ofinsurance products while minimizing the prospect of a mistakeballooning into a national problem.
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