As World War II came to a victorious close for the Allied nations, diplomats and finance ministers met to shape the post-war world. For nearly 30 years, regulation of the financial system in the US as been effectively dismantled by a well-funded lobbying campaign. And yet there is a strong chance that the lousy economy of March 2008, will not look much better in May of 2008. This topic is germane to a column on insurance regulation because, thanks to the Gramm-Leach-Bliley Act (GLBA), the US as a highly integrated financial services sector. The old "firewalls" that separated insurance, banking and securities under the Glass-Steagall Act were knocked down by GLBA in 1999. In testimony before the US House Financial Services Committee, New York Superintendent Eric Dinallo said, the primary goal of insurance regulation is to ensure that the insurer maintains an adequate level of solvency and is able to honor policyholders' claims.
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