WASHINGTON--The effort by U.S. Treasury Secretary Henry Paulson to blame the events that led to the federal takeover of American International Group on state insurance regulators is improper and misleading, according to one consumer advocate.
Commenting at a session of the National Association of Insurance Commissioners here, Birny Birnbaum said federal regulators are to blame for ineffective regulation but state insurance regulators need to take steps of their own to improve their regulation of insurance.
Mr. Birnbaum, whose attendance at NAIC meetings is funded by that organization, is executive director of the Institute for Social Justice in Austin, Texas. His remarks were made during the NAIC/consumer liaison session at the fall NAIC meeting here.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
