Affairs of state
Despite the US insurance sector escaping mainly unscathed from the financial crisis - with the glaring exception of AIG - moves are afoot to overhaul the country's state-based insurance regulatory system. First deputy superintendent of the New York Insurance Department (NYID), Kermitt Brooks, explains how significant these changes are. Laurie Carver reports
Life & Pensions: What is the NYID's role?
Kermitt Brooks: We are responsible for all life and non-life insurance companies registered and products distributed in the state of New York. It is the seventh largest insurance market by premium in the world and the largest in the US, and we are one of the oldest regulators. The leaders in the life industry here are mainly domestic companies such as Metlife, New York Life and Guardian Life.
L&P: How does this fit in with the federal regulatory system?
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