Search
 

State Versus Federal Regulation

It's usually in October that the stock market decides to go haywire. This year, it chose September.

By Ken Brownlee | Updated on October 30, 2008

It’s usually in October that the stock market decides to go haywire. This year, it chose September. With the demise of the Lehman Brothers, the disappearance of Merrill Lynch into Bank of America Corp., and the sudden crash of American International Group, Inc. (AIG), one wonders if anyone in Washington, D.C., or our state insurance departments for that matter, even knows where the store is or who is managing it. Of course, like all aspects of life, it boils down to one word: risk. As adjusters, we know all about risk. We witness the monumental losses that risk can produce on a daily basis. Yet we can do little about it except pay the claims. Wouldn’t a bit of mandated risk management be a good idea?

The financial world has suddenly been turned upside down. AIG, which was on the verge of bankruptcy, is now owned by the government. How could that be? Your resident image-smasher has been dealing with AIG for more than 40 years. In fact, early on in my career, the third claim I settled was for AIG. I’ve visited its New York headquarters; dined with an AIG representative in Beijing; handled claims for and against the company; met old Maurice (Hank) Greenberg several times; and always thought of AIG as the solid gold standard insurer of the world.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.