Financial Crisis Had Little Impact On Insurers, GAO Says

Law360, New York (July 31, 2013, 2:50 PM EDT) -- Regulators' response to the financial crisis helped most insurers and policyholders escape unscathed, though efforts to reform oversight of the insurance industry are moving at a crawling pace, the U.S. Government Accountability Office said in a report Monday.

The GAO said the financial crisis had a limited impact on the insurance industry, with the exception of the financial and guaranty lines of insurance and certain annuity products in the life insurance industry.

State insurance regulators and the National Association of Insurance Commissioners helped minimize the impact...
To view the full article, register now.