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.

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