State Insurance Chiefs Face Grilling Over Holding Cos.

Law360, New York (March 18, 2010, 1:42 PM EDT) -- Members of a congressional subcommittee examining the possible need for a federal insurance regulator expressed strong doubts Thursday about state insurance authorities’ ability to properly examine insurer holding companies and the risks created by affiliates in unrelated businesses.

Members of the U.S. House subcommittee on capital markets, insurance and government-sponsored enterprises quizzed Wisconsin insurance commissioner Sean Dilweg and Nebraska insurance director Ann Frohman on the supervision of holding companies, which are not generally under state regulatory oversight.

Other parties questioned at the hearing included Grovetta N....
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