NEW YORK–American International Group's bailout by Washington does not prove the need for a national regulator, but if a federal charter is established by Congress it should not be optional, according to New York Insurance Superintendent Eric Dinallo.
“AIG is not Exhibit A for a federal regulator. It is exactly the opposite,” Mr. Dinallo told leaders of insurance companies and their trade organizations here last night in a talk that also discussed the chances of bringing back the failed New York Insurance Exchange.
“The strength of AIG's insurance units and the regulatory moats that were built around their capital is actually proof that state regulators had a better handle on their end of the business” than did federal regulators overseeing the banking and securities markets, he added during a dinner speech before the annual Property-Casualty Insurance Joint Industry Forum.
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