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Article: Systemic risk bill would boost federal oversight powers; Measure would let FDIC intervene at nonbank firms.(NEWS)(property and casualty insurance regulations)
- Article from:
- Business Insurance
- Article date:
- November 2, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MARK A. HOFMANN
Policymakers need to understand the differences between property/casualty insurers and other financial services institutions as they consider the Obama administration's proposed systemic risk regulations, industry observers say.
They say property/casualty insurers are inherently different than other financial institutions blamed for causing the economic crisis. They also say the property/casualty industry tends to invest conservatively and maintain low leverage ratios.
Ironically, it was the financial products unit of the holding company controlling the nation's largest commercial property/casualty insurer, American ...