The insurance industry faces uncharted waters dealing with potential ramifications of the current economic crisis, but one undeniable consequence will be louder outcries for increased regulation, executives said at a conference here.
George A Steadman III, chairman of the Council of Insurance Agents & Brokers, addressing attendees at the CIAB's annual Insurance Leadership Forum, said increased focus on regulation will come as legislators and regulators seek ways to ensure the financial services sector does not fall into another crisis like the subprime crisis.
The insurance industry was on the verge of getting surplus lines reform legislation through the Senate, but the crisis pushed that issue to the back burner momentarily, said Mr. Steadman, who is president and chief operating officer of the insurance brokerage firm Rutherfoord in Roanoke, Va.
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.
