WASHINGTON--Congress will likely impose a level federal insurance regulation soon unless states act promptly to institute meaningful reform, the head of a property-casualty insurance trade group told state regulators at a meeting here yesterday.
The comments by David Sampson, president and chief executive officer of the Property Casualty Insurers Association of America (PCI), took place yesterday at a meeting attended by 28 state insurance regulators and 14 representatives of other state regulatory agencies.
Mr. Sampson was among four heads of insurance trade invited to speak at a so-called "roundtable." The May 21 meeting was chaired by Sandy Praeger, Kansas insurance commissioner and president of the National Association of Insurance Commissioners.
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