Florida Insurance Commissioner Kevin McCarty said today that opinions by trade groups and Treasury Secretary Henry Paulson that the financial difficulties of American International Group demonstrated a need for federal insurance regulation are unwarranted.
He said in a statement that he was troubled by their suggestions that "the current AIG saga reinforces the need for a federal office to regulate insurance companies."
According to Mr. McCarty, under proposals for a federal system, "the hundreds of thousands of policyholders who rely on AIG insurance companies would have been at significant risk as all of the insurance assets would have been co-mingled to pay for the damage created by the non-insurance entities."
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