WASHINGTON–State insurance legislators and regulators meeting here rejected comments made by U.S. Treasury Secretary Henry Paulson attacking state insurance regulation in the wake of the American International Group credit crisis.
Mr. Paulson made his comments on Meet the Press on Sept. 21 (see story on NU Web site). The remarks were made in the aftermath of a federal investment of 79.9 percent with an $85 billion loan for AIG.
North Dakota State Rep. George Keiser, R-Bismarck, the secretary of the National Conference of Insurance Legislators, said AIG's problems were on its investment side and not with the insurance subsidiaries. His response was made during the fall meeting of the National Association of Insurance Commissioners here.
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