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Modernizing Insurance Regulation

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Experts from NYU’s Stern School of Business offer in-depth analysis on insurance regulations and their economic impact

Over the next five years there will be many ideas presented and debated on the appropriate regulation of insurers. The Dodd-Frank Act calls for the creation of a Federal Insurance Office, with a mandate to bring to Congress a plan for "modernizing insurance regulation." Dodd-Frank also created a mechanism under the key new entity, the Federal Systemic Oversight Committee (FSOC), to take on a regulatory role for non-bank holding companies (including insurers) deemed to be "systemic." There is much controversy about this issue in particular, with regulators and insurers debating the fundamental question: are insurers systemically risky financial institutions?

This expert team of contributors addresses those questions as well as the changing regulatory and economic landscape of the insurance industry, offering insight into what future institutions will look like and how they must adapt now. Topics covered include:

  • Insurance industry concerns
  • The impact of Dodd-Frank
  • Systemic risks and insurance companies
  • Federal versus state regulations
  • The insurer safety net

Contributors to this work include top academics, CEOs of major insurance companies, state regulators, and those appointed under Dodd-Frank to fill insurer expert roles in the federal government, including Governor Dirk Kempthorne, Anna Paulson, Scott Harrington, Scott Campion, Roger Ferguson, Theresa Vaughan, Eric Dinallo, Shawn Cole, Peter Gallanis, and David Cummins.

Table of Contents



Chapter 2:  Life Insurance’s Importance to American Families and Industry’s Concern about Regulation (Dirk Kempthorne)

Chapter 3:  Why Insurance Needs a Federal Regulator Option (Roger W. Ferguson, Jr.)

Chapter 4:  Observations on Insurance Regulation – Uniformity, Efficiency, and Financial Stability (Therese M. Vaughan)

Chapter 5:  Lessons Learned from AIG for Modernizing Insurance Regulation (Eric R. Dinallo)

Chapter 6:  Assessing the Vulnerability of the U.S. Life Insurance Industry (Anna Paulson, Thanases Plestis, Richard Rosen, Robert McMenamin and Zain Mohey-Dean)

Appendix 6A: Details on Estimating Asset Risk

Chapter 7:  Systemic Risk and Regulation of the U.S. Insurance Industry (J. David Cummins and Mary A. Weiss)

Chapter 8:  Designation and Supervision of Insurance SIFIs (Scott E. Harrington and Alan B. Miller)

Chapter 9:  Is the Insurance Industry Systemically Risky? (Viral V Acharya and Matthew Richardson1)

Chapter 10:  Modernizing the Safety Net for Insurance Companies (John H. Biggs)

Chapter 11:  Policyholder Protection in the Wake of the Financial Crisis (Peter G. Gallanis)

Appendix 11A:  The Critical Role of “Prompt Corrective Action”

Appendix 11B: Table of Relevant Guaranty Association Coverage Levels by State

As of September 19, 2013 (Subject to Change)

Chapter 12:  Comparative Regulation of Market Intermediaries: Insights from the Indian Life Insurance Market (Santosh Anagol (Wharton), Shawn Cole (Harvard Business School), and Shayak Sarkar (Harvard University))

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