NEW YORK–Former New York Insurance Superintendent Howard Mills said his successor, Eric Dinallo, has a good concept in mind to remedy catastrophe insurance reserve problems, but it's unworkable.
Speaking at a rating agency conference last week, Mr. Mills, a Republican, who is chief advisor for the Insurance Industry Group of Deloitte & Touche USA, said the limited scope of catastrophe reserving plan put forth by Mr. Dinallo, a Democrat, last October would make it unfeasible in practice.
"He [was] on the right track and doing [his] best given the constrictions of this wacky state regulatory system," Mr. Mills said of Mr. Dinallo. But this "really can't work on a standalone basis," Mr. Mills said last Monday during the Standard & Poor's annual insurance conference in New York.
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