An outdated and inefficient state regulatory system unnecessarily raises U.S. insurance costs while discouraging capacity growth among both domestic and foreign carriers, an industry leader told global insurance executives gathered here.
"Our 50-state regulatory structure is costly, highly inefficient and frankly is an anachronism as well as a trade barrier," keeping new capacity out of the U.S. market, charged Evan Greenberg, president and chief executive officer of Bermuda-based ACE, Ltd.
Mr. Greenberg, who spoke on a panel here during the International Insurance Society's annual seminar, was one of several industry speakers who ripped the state regulatory system's shortcomings, drawing a spirited rebuttal from one top commissioner in attendance.
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