Insurance company executives and regulators faced off over whether the state oversight system should be reformed or tossed entirely during an impromptu exchange between two sets of panelists at a gathering of top industry officials.

During one panel discussion at the recent Property-Casualty Insurance Joint Industry Forum, insurer CEOs criticized the current state regulatory system as "archaic" and "broken," offering fixes ranging from trusting consumers to make the right choices, to chucking the entire state-based approach in favor of a federal alternative.

Thomas Wilson, chief executive officer of Northbrook, Ill.-based Allstate, 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."

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