Ted Besesparis is senior vice president of the National Assn. of Professional Insurance Agents, Alexandria, Va. Before joining PIA National in 1995, he was a reporter and radio talk show host in Palm Beach, Fla., and Washington, D.C. He is a member of AA&B's editorial advisory board.
A report by the Government Accountability Office (GAO) has found that the state insurance regulatory system helped mitigate the negative effects of the 2007-09 financial crisis on the insurance industry. GAO also found that state insurance regulators continued efforts to strengthen the insurance regulatory system.
The report noted that state regulators were especially critical in maintaining general stability in the market during the crisis. “The effects of the financial crisis on insurers and policyholders were generally limited, with a few exceptions,” the report stated.
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