Driverless insurance: regulating Prudential without the Fed

Scrutiny on largest US insurer should not be laxer than on second-tier US banks, experts warn

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Daniel Schwarcz, professor of law at the University of Minnesota, does not have much faith in state regulators overseeing large, international insurance companies and he has given Congressional testimony to that effect.

So it is no surprise that he was unimpressed when the US authorities chose to hand responsibility for supervising the largest US insurer and ninth-largest asset manager worldwide, Prudential Financial, from the Federal Reserve back to the New Jersey Department of Banking and

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