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