Commentary: GAO report likely more objective than FIO regulation study

08/8/2013 | PropertyCasualty360

A Government Accountability Office report says the state-based insurance regulatory system was effective in reducing the financial crisis' impact on insurers and policyholders, and Ted Besesparis of the National Association of Professional Insurance Agents writes that the system will be "an objective counterbalance" to a Federal Insurance Office study on modernizing regulation. "As additional protections are considered in the effort to avert another crisis, regulators should take their cues from the state-based oversight already in place in the insurance sector and its overall success in protecting the financial stability of the insurance industry and policyholders," Besesparis writes.

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