AIA, NAIC Face Off Over State Vs. Federal Regulation

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

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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.

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