New York--The head of Ernst & Young's insurance services division said some form of federal regulation of the insurance industry is inevitable and regulatory scrutiny of the industry will not let up until the industry proves it is completely transparent.
In a wide-ranging discussion on the insurance industry as it stands today, Peter R. Porrino, E&Y's global director of insurance services and Americas director for financial services, noted the industry has had its share of regulatory investigations in the past and that "until the insurance industry is proven clean I would expect continued scrutiny."
Ernst & Young, based in New York, is a global professional accounting and services firm.
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