How Does US Insurance Regulation compare to International Insurance Regulation?
(p4) - Mr. ROYCE (R-CA). Well, with our fragmented regulatory regime over insurance, I think it is very clear that we are lagging behind the rest of the world.
- Solvency II will be implemented by the EU in the coming months, and that will bring all of Europe under one market for insurance.
- Yet the United States continues to struggle with 50 individual markets.
(p74) - Mr. Bachus (R-AL) - I will start with Mr. Atkinson. What do you see as the most significant failure? I can give you 100 failures of Federal regulation
of banking and securities.
Mr. ATKINSON. (Executive Vice President, Reinsurance Group of America (RGA), on behalf of the Reinsurance Association of America (RAA) - I wouldn’t say they are failures. They are probably inefficiencies and frustrations and so forth. It is not a very
fast system. Things evolve very, very slowly. We are 30 years behind most developed countries in our regulations.
Mr. BACHUS. The bottom line, how did that affect customers? Was it increased—
Mr. ATKINSON. Increased price is probably the main thing
2009 1006 - GOV (House) - Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private Pools of Capital, And Creating a National Insurance Office