News that Alabama Insurance Commissioner Walter Bell is taking a post with a giant reinsurer raises questions of influence and undermines public confidence, consumer representatives said in a letter to insurance regulators.
The complaint to the National Association of Insurance Commissioners, Kansas City, Mo., from 14 consumer groups expressed dismay over the "revolving door" between the insurance industry and those who supervise it.
Mr. Bell, in addition to being Alabama commissioner, was last year's NAIC president. Swiss Re said Tuesday he will be the new chairman of Swiss Re America Holding Corp., providing "state and federal legislators, regulators and others with the insights they need for effective policy-making,"
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