A report by the Government Accountability Office (GAO) has found that the state insurance regulatory system helped mitigate the negative effects of the 2007-09 financial crisis on the insurance industry. GAO also found that state insurance regulators continued efforts to strengthen the insurance regulatory system.
The report noted that state regulators were especially critical in maintaining general stability in the market during the crisis. "The effects of the financial crisis on insurers and policyholders were generally limited, with a few exceptions," the report stated.
The GAO report was prepared for the chairman of the House Financial Services subcommittee on Housing and Insurance, Rep. Randy Neugebauer (R-Texas), and subcommittee member Rep. Steve Stivers (R-Ohio). PIA worked closely over the past 18 months with Reps. Stivers and Neugebauer, along with then-Rep. Judy Biggert (R-Ill.), to bring the report to fruition.
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