David A. Sampson, president and CEO of Property and Casualty Insurers Association of America (PCI), is leading the 1,000-member strong P&C organization during a critical time in the industry. The Great Recession, Chinese drywall, federal regulation, and increased governmental oversight all loom large. Sampson, who advocates the association's positions to state, federal, and international public policymakers, recently spoke with Florida Underwriter on a variety of topics.
Q. As the recent federal regulatory legislation was being drafted in Congress, you urged members to consider, "As [the draft] moves forward, we would reiterate that home, auto, and business insurers are not systemically risky and did not contribute to the existing crisis. We believe that financial services regulatory reform legislation should be carefully and precisely targeted to industries that do present a clear systemic risk."
How hard has it been to separate the P&C part of financial services from the umbrella definition and to try to head off unintended consequences? How much misunderstanding is out there? Are you wary of a backlash in which regulators could go too far in their response?
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