LAS VEGAS--Whether federal authorities' failure to foresee and head off the subprime mortgage crisis is evidence Washington should not be trusted with insurance oversight was a focus of contention here yesterday in a face-off between the nation's top state regulator and an industry association leader.
The disparate views on the topic were aired by the president of the National Association of Insurance Commissioners, Sandy Praeger, the Kansas insurance commissioner, and American Insurance Association President Marc Racicot.
Their contrary opinions came during "The Great Debate: Federal vs. State Regulation" at the National Insurance Industry Convention & Expo here, moderated by this reporter. It was the first of a planned pair of debates on the future of insurance supervision.
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