Global Economic Intersection
Advertisement
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result

State Insurance Commissioners Fight Back

admin by admin
August 30, 2013
in Uncategorized
0
0
SHARES
16
VIEWS
Share on FacebookShare on Twitter

leonardi-tom-170pxEconintersect:  The FSB (Financial Stability Board), a global commission charged with determining financial system weaknesses that should be addressed to prevent another global financial crisis, issued a report earlier this week which was very critical of the decentralized nature of the U.S. insurance regulatory regime.  (See GEI News 29 August 2013.)  The NAIC (National Association of Insurance Commissioners) has responded, vigorously, with statements from the Connecticut insurance commissioner.

The FSB report itemized a number of specific areas needing improvement (see list in GEI News article) and the NAIC response is that the FSB is simply not recognizing that the supposed deficiencies are covered by a process utilizing supervisory colleges.

Life Health Pro quotes Tom Leonardi, the Connecticut Insurance Commissioner who sits on the International Association of Insurance Supervisors (IAIS) Executive Committee and chairs the NAIC’s Financial Stability Task Force:

“…the FSB dismissed what we do well and focused on other things I do not feel are as important.”

A further excerpt from Life Health Pro on statements from Leonardi:

“…it was instead a centralized structure that proved to be a failure during the economic crisis of 2008, with the Office of Thrift Supervision (OTS) culpable for a failing AIG’s oversight, while the decentralized insurance regulatory system was the system proving itself hardy. “

Leonardi says the FSB’s premise is “absurd“. He further said:

“Why go from a system that works and go to one that has failed? It is totally illogical. The other thing is that you have people from the European Union trying to analyze the U.S. That is like a Yankee fan selected to judge the Red Sox.”

Leonardi was “disappointed” that the U.S. Treasury accepted the FSB report with supportive language that suggested agreement with the recommendation to increase the authority of the U.S. FIO (Federal Insurance Office) which has had, until now, a limited role in U.S. insurance regulation compared to the state commissioners.


Editorial comment: The response from the NAIC spokesman is a predictable turf protecting reaction. The factors not mentioned in the response would include:

  • The system of supervisory colleges is advisory only – there is no authority assigned to the colleges – all authority remains with the individual states.
  • The reduction of federal regulatory agency to eunuch status creates a straw man argument. The idea of real financial regulation by federal authority has been utterly destroyed by political action over the past several decades. Of course federal regulation fails when the regulators exercise no authority. Read the extensive writings by Bill Black on this matter.
  • The separate insurance departments for each state create artificial barriers to competition within the insurance industry. Regulated competition on a national scale would be much more efficient and greatly benefit consumers. Of course, the profitability of some (most?) insurers would be reduced.

John Lounsbury

Sources:

  • Leonardi, NAIC slam FSB report on U.S. insurance system (Elizabeth Festa, Life Health Pro, 30 August 2013)
  • International Agency: U.S. Insurance Regulation Needs Overhaul (GEI News, 29 August 2013)
Previous Post

Housing Market Volatility

Next Post

Infographic of the Day: How Golden Spike’s Moon Landing Plan Works

Related Posts

Bitcoin Price Sinks Below $26,750 As Fed Says Rate Hikes Are Not ‘Appropriate’
Economics

Bitcoin Price Sinks Below $26,750 As Fed Says Rate Hikes Are Not ‘Appropriate’

by John Wanguba
March 22, 2023
US Raises Interest Rates Despite Banking Mayhem
Business

US Raises Interest Rates Despite Banking Mayhem

by John Wanguba
March 22, 2023
Does Crypto Copy Trading Work?
Economics

Does Crypto Copy Trading Work?

by John Wanguba
March 22, 2023
Is crypto investment safe?
Economics

Is Crypto Investment Safe?

by John Wanguba
March 21, 2023
Bitcoin Price Surge Breathes Life Into Collapsing Crypto Firms
Economics

Bitcoin Price Surge Breathes Life Into Collapsing Crypto Firms

by John Wanguba
March 21, 2023
Next Post

Infographic of the Day: How Golden Spike's Moon Landing Plan Works

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin market Bitcoin mining blockchain BTC business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe finance FTX inflation investment market analysis Metaverse mining NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • Bitcoin Price Sinks Below $26,750 As Fed Says Rate Hikes Are Not ‘Appropriate’
  • US Raises Interest Rates Despite Banking Mayhem
  • Does Crypto Copy Trading Work?

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

en English
ar Arabicbg Bulgarianda Danishnl Dutchen Englishfi Finnishfr Frenchde Germanel Greekit Italianja Japaneselv Latvianno Norwegianpl Polishpt Portuguesero Romanianes Spanishsv Swedish