The National Association of Professional Insurance Agents said it was happy with recent comments from Thomas Leonardi, Connecticut’s insurance commissioner, regarding an international economic body’s recommendation to federalize insurance regulation in the United States.
Leonardi, who is also chairman of the National Association of Insurance Commissioners’ International Insurance Relations Committee, said in a recent statement that an Aug. 27 report from the G20 Financial Stability Board calling for the changes is “totally illogical” because federal regulation of banks did not stop the economic crisis of 2008.
“Why go from a system that works and go to one that has failed?” Leonardi said.
He also compared attempts by European members of the G20 to judge the United States to “a Yankee fan selected to judge the Red Sox.”
The insurance association said the state insurance regulatory system worked to help mitigate the negative effects of the financial crisis on the insurance industry and maintain stability during the crisis.
