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Academics Express Support for State Regulation

Regulatory experts participating in a panel at the University of Connecticut School of Law expressed support for state insurance regulation. The law school and the...
May 19, 2009

Regulatory experts participating in a panel at the University of Connecticut School of Law expressed support for state insurance regulation. The law school and the Connecticut Insurance Law Journal presented the panel entitled Remaking Financial Services Regulation. There was general agreement among the panelists about the benefits of state-based insurance supervision, particularly as opposed to federalized regulation, according to reports in The Standard.

According to Dwight M. Jaffee, professor of banking, finance and real estate at the University of California at Berkeley, the arguments that insurance regulation needs to be shifted away from states are "far from overwhelming."

John Day, a former regulator from New York and Virginia and a UConn professor, admitted that he, as a regulator, had been "secretly a federalist." However, in more recent years, he said, he has come to appreciate the system of checks and balances that allow state regulators to "act decisively" on insurance. Connecticut Insurance Commissioner Thomas Sullivan agreed that state insurance regulation provides "inherent accountability."

UConn Panel Sees Future for State Regulation (The Standard 4/24/09)