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 and Uncle Sam shouldn't split oversight responsibility with the states, 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 week.
“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 speech at last week's annual Property-Casualty Insurance Joint Industry Forum.
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