Treasury Secretary Timothy F. Geithner's recent remarks beforethe House Financial Services Committee about the creation of anoptional federal charter regulatory system have educed a fracturedresponse from leading insurance associations.
During the hearing, Geithner discussed the need to outline stepsto "protect against systemic risk" and "lay out a detailedframework for stronger rules to protect consumers and investorsagainst fraud and abuse."
Leigh Ann Pusey, president of the American Insurance Association(AIA), agreed that new rules should protect consumers andpolicyholders and "encourage innovation and high standards thatwill create a race to the top, rather than a race to thebottom."
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