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PIA National Praises Conn. Commissioner Leonardi for Defending State Regulation

PIA is applauding Connecticut Insurance Department Commissioner Thomas B. Leonardi for his strong public response in opposition to a recent report released by the G-20’s Financial Stability Board, which called for the U.S. to move toward a federally regulated system for insurance...
September 11, 2013

PIA is applauding Connecticut Insurance Department Commissioner Thomas B. Leonardi for his strong public response in opposition to a recent report released by the G-20’s Financial Stability Board, which called for the U.S. to move toward a federally regulated system for insurance.

“Why go from a system that works and go to one that has failed? It is totally illogical,” said Leonardi, who is chair of the International Insurance Relations Committee of the National Association of Insurance Commissioners (NAIC). “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.”

PIA National President Andrew C. Harris praised Commissioner Leonardi’s support for a state-regulated insurance system, noting the Government Accountability Office (GAO) shares his assessment that the state insurance regulatory system worked to help mitigate the negative effects of the financial crisis on the insurance industry.

“While the funding of insurable risk may benefit from global cooperation, the risks that are being insured will always be local,” Harris said. “The United States has an effective and efficient insurance regulatory system that protects policyholders and offers them a broad array of competitive choices from many insurance carriers. It also protects the global economy. Our state-based system is far superior to the federalized system that our European Union friends have seen fit to recommend to us. We disagree. Instead, they would benefit by emulating our system. Ours is better.”

PIA Praises Conn. Commissioner on State Regulation (PIA 9/10/13)

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