The future of the insurance regulation begins now
For those involved with the insurance industry, from investment
professionals to policy makers, and regulators to legislators,
tremendous change is coming. With insurance premiums constituting
an ever-growing portion of annual U.S. GDP and provisions of the
Dodd-Frank Act specifically calling for modernization of insurance
regulations, the issues at hand are pervasive. In Modernizing
Insurance Regulation, these issues are described against a
backdrop of the political and industry discussions that surround
insurance, regulation, and systemic risk. Experts Viral V. Acharya
and Matthew Richardson discuss a variety of issues with top
thinkers in the fields of finance, derivatives, credit risk, and
banking to bring to light the most germane elements of this ongoing
discussion.
In Modernizing Insurance Regulation, Acharya and
Richardson call on the expertise of all the relevant stakeholders
within government, academia, and industry to offer a well-rounded
and independent view of insurance regulation and how the evolution
of this key industry affects the U.S. economy now and in the
future.
* Provides an overview of the feasibility of maintaining a
state-level regulatory structure
* Offers a view of the issues from top academics, industry
leaders, and state regulators
* Explores the debate surrounding the insurance industry and
systemic risk
* Provides an in-depth look at upcoming changes under the
Dodd-Frank Act
Modernizing Insurance Regulation provides a look into the
crucial changes coming to insurance regulation and an overview of
how those changes will affect almost everyone.
Cuprins
Preface
Acknowledgments
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 Mc Menamin 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 Richardson¯1)
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))
About the Authors
About the Website
Index
Despre autor
JOHN H. BIGGS is the former Chair and CEO of TIAA-CREF,
one of the largest national insurance companies in the U.S., and an
Executive in Residence at New York University.
MATTHEW P. RICHARDSON is the Charles E. Simon Professor
of Applied Financial Economics at New York University Stern School
of Business. He is the co-editor of Restoring Financial
Stability and Regulating Wall Street.
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