New York Insurance Superintendent Eric Dinallo agreed that some sort of national insurance regulation is likely on the horizon, but he urged that American International Group not be made into a poster child to support such a shift, and said he opposes an optional federal charter system.
Speaking at the 20th Annual Executive Conference for the Property-Casualty Industry, produced by The National Underwriter Company, he said he thinks there is a “very strong likelihood that we're heading to some kind of federal role in the insurance industry.”
Mr. Dinallo–who recently backed off on his plan to start regulating parts of the credit default swap market, and agreed to allow Washington to take the lead (see story on page 6)–indicated he is not necessarily opposed to federal oversight, calling aspects of state regulation “clunky,” especially on form development and agent licensing. “I've not been one of these extremely resistant state regulators because I can see, first of all, that we need certain standardization through the industry,” he said.
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.
