Introduction by Daniel Bradley Indiana State University's President and Brien Smith, dean of the Scott College of Business at Indiana State University
Senator Jack Reed (D-RI), a member of the United States Senate Banking, Housing and Urban Affairs Committee, provided a view on insurance issues being addressed by the Senate.
Congressman Blaine Leutkemeyer (R-MO) is vice chairman of the United States House Financial Services Committee’s Subcommittee on Housing and Insurance, and previously worked in the insurance industry and as a bank regulator. He began his remarks by observing a recent expansion of federal authority, noting that insurance is fortunate to be largely regulated at the state level.
Martin Grace, James S. Kemper Professor of Risk Management and Insurance, Chair at Georgia State University and Networks Financial Institute Senior Fellow, shared insights from his paper, International Capital Rules: Harmonization, Conflict or Competition with Insurance Public Policy Summit participants.
Moderator Charles Richardson, a partner in the Washington, D.C. office of Faegre Baker Daniels, moderated a discussion among several industry association leaders regarding current changes, challenges, and opportunities facing the insurance industry, and what actions might be taken with regard to the pending FIO report.
The panelists were Kim Dorgan, senior executive vice president, American Council of Life Insurers (ACLI); Brady Kelley, executive director, National Association of Professional Surplus Lines Offices, Ltd. (NAPSLO); Leigh Ann Pusey, president and CEO of the American Insurance Association (AIA) and David Sampson, president and CEO, Property Casualty Insurers Association of America (PCI)
Monica Lindeen is Commissioner of Securities and Insurance, Montana state auditor, NAIC Vice President and a representative on the Federal Advisory Council on Insurance. She recognized that today’s industry is challenged to remain competitive in an increasingly complex marketplace.
J. David Cummins, Joseph E. Boettner Professor of Risk Management, Insurance and Financial Institutions, and Mary A. Weiss, Deaver Professor of Risk, Insurance and Healthcare Management, Fox School of Business, Temple University, presented findings from their paper, Systemic Risk and Regulation of the U.S. Insurance Industry.
Elizabeth Sammis, senior insurance regulatory policy analyst at the FIO. Ms. Sammis provided an overview of the FIO’s primary authoritative purposes, including monitoring all aspects of the insurance industry, working to assure affordability and access for consumers, and coordinating federal and international policies through representation at the IAIS.
Our partners for this event, Faegre Baker Daniels, have also published a brief report of the Summit.