Modernizing Insurance Regulation by John H. Biggs, Matthew P. Richardson

By John H. Biggs, Matthew P. Richardson

"Experts from NYU's Stern institution of industrial supply in-depth research on coverage rules and their fiscal impactOver the subsequent 5 years there'll be many rules provided and debated at the acceptable rules of insurers. The Dodd-Frank Act demands the production of a Federal assurance workplace, with a mandate to carry to Congress a plan for "modernizing assurance regulation." Dodd-Frank additionally created a Read more...

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the way forward for the assurance law starts now For these concerned with the assurance undefined, from funding execs to coverage makers, and regulators to legislators, super change Read more...

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We don’t want lax regulation. We don’tt want to get a pass on maintaining strong financial standards. We don’t want to avoid regulatory oversight. So, what is our position on regulation? Let me give another piece of history—more recent history, involving the American Council of Life Insurers (ACLI). For more than a dozen years now, the CEOs of our member companies have made improved insurance regulation one of the ACLI’s top three priorities. A couple of those priority items have changed through the years.

Supervisors applied local rules to firms doing business in their jurisdictions, with an eye toward maintaining viable markets and consumer protection. 3 To a large extent, this is still the case. ” Just as no regulator is infallible, no regulatory system is perfect. Each of these extremes has strengths and weaknesses, but the strengths and weaknesses are quite different. The precrisis banking system was undoubtedly less costly for firms (and thus consumers and the economy) than the “balkanized” approach in insurance regulation, but there were other problems.

Regulators and policy makers have a new appreciation for the challenges of resolving cross-border banks. When an institution is threatened with failure, regulators and policy makers turn inward, focusing on their own markets. Information is shared less freely. This is partly a matter of trust among regulators, but that is only part of the story. ” The postcrisis backlash has increased recognition that regulators can face perverse incentives, that large international financial institutions carry a great deal of influence in some countries, and that regulatory capture can be a problem (even if it is only the less nefarious form of intellectual capture).

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