They say the more things change, the more they remain the same. That certainly holds true for insurance. Looking over bound volumes of National Underwriter from 1985 (for a good laugh, note my column sketch back then), seeking background for my Feb. 25 ode to former managing editor Tom Maher, I read coverage of regulatory, tort and health insurance reform in stories that could be reprinted today, with few noticing they were 23 years old!
For example, in a report from a meeting of risk managers in Monte Carlo, our former assistant managing editor, David M. Katz (now a multi-award winning deputy editor at cfo.com), wrote a story headlined: "Greenberg Attacks State Regulation."
Maurice Greenberg, then president and CEO of AIG, was quoted as follows: "The current state system contains too many consumer advocates who are too little concerned with insurer solvency. I'm not sure the system of state regulation is capable of dealing with the complexities of our business today," he said, raising the possibility of–you guessed it!–an optional federal charter.
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