Federal insurance oversight is the wrong move, Connecticut regulator says

Thomas Leonardi, head insurance regulator for Connecticut, argues that the Dodd-Frank reforms of insurance supervision may not address the causes of the crisis

Thomas Leonardi

When AIG came near to collapse at the height of the financial crisis, it was the US federal government that stepped in and lent the beleaguered insurer a total of $182 billion to keep it afloat. It perhaps seems only fair then that when the Dodd-Frank Act was passed in 2010, it mandated the creation of the Federal Insurance Office (FIO) to cast a federal eye over the state of insurance regulation in the US. The director of the new office was instructed to submit a report to Congress within 18

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