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OLDWICK - APRIL 16, 2014 03:14 PM (EDT)
In this episode of A.M. BestTV, U.S. state regulators, attending the New York City Bar Association's annual regulatory conference, say the U.S. system of state-based regulation is imperiled by a growing emphasis on federal and international regulation. A potential dual system is the biggest threat the industry faces today, said James J. Donelon, Louisiana insurance commissioner: "The emerging markets consume more and more of the insurance availability and our companies truly need to be competitive in those emerging markets in order to protect their profitability and their ability to provide affordable insurance to policyholders in the U.S.; and frankly, we are losing that fight to Europeans." Connecticut Insurance Commissioner Thomas B. Leonardi said the problem trying to be solved with a global capital standard has not been clearly defined. Leonardi pointed to the designation of global systemically important financial institutions and the implications of having two levels of companies with different levels of capital and prudential regulation. Click on http://www.ambest.com/v.asp?v=regulation414 to view the episode.
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