NEW YORK--Insurance company executives, charging that the current system of state insurance regulation is "archaic" and "broken," touched off a debate with regulators at a gathering here.
At the Property-Casualty Joint Industry Forum Wednesday, Thomas Wilson, chief executive officer of Northbrook, Ill.-based Allstate, during a panel addressed a question regarding the lack of product innovation by saying that personal lines insurers are thwarted, in part, by a "regulatory environment that is so arcane you can't get anything done."
The statement prompted South Carolina Commissioner Scott Richardson to step up to an audience microphone and challenge the CEO to tell him exactly what regulators could do to cease being archaic.
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