The tangles of conflicting and duplicative state regulations are too confusing, costly and inefficient. State regulators have tried to make things better, but they're often stymied by the forces of protectionism–in the industry and in legislatures–from achieving the goals of harmonization and uniformity.

Two years ago, the AIG bailout led everyone in the industry to believe that federal regulation was coming, and it wasn't going to be optional. State insurance regulators successfully made the case that the insurance affiliates of AIG were safe, secure and well-regulated for solvency. The fact that the Dodd-Frank bill has no new expansive federal insurance oversight is a reflection of that.

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