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PIA's Spalding: "A Little More Local and a Little Less Global"

In an opinion piece, PIA National President Jon D. Spalding comments on a recent finding by the International Monetary Fund (IMF) that our national state-based...
July 13, 2010

In an opinion piece, PIA National President Jon D. Spalding comments on a recent finding by the International Monetary Fund (IMF) that our national state-based system of insurance regulation provided strength and stability during the financial crisis. Spalding notes that the IMF report confirms what PIA and the other advocates of state insurance regulation have been saying all along: that our state based system of insurance regulation is efficient and effective. And it undercuts many of the arguments advanced over the years by those who advocate for federal regulation of insurance.

"The best way to make sure that Main Street USA can compete and win is to be a little more local and a little less global," writes Spalding. "If that makes us old-fashioned, so be it. The old-fashioned insurance industry is still standing. That can't be said about countless 'modernized' firms that forgot that their success depends on serving their customers, not taking their money and betting it in financial services casinos."

"We're all a lot better off when we do business on Main Street," Spalding concludes. You can read the entire article here.

A Message From PIA President Jon D. Spalding (July 2010)

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