Insurance Practice Research Area Director, David West, to Lead Session on Insurance Fraud and Take Part in Panel at 2008 ACORD LOMA Insurance Systems Forum
ACORD LOMA Insurance Systems Forum, Las Vegas, NV, May 13, 2008 – Unlike other nations, insurers in United States are governed by regulators in each of the 50 states, the District of Columbia, and the five US territories. Although these 56 sets of regulations are similar across individual states (albeit with some key differences), new TowerGroup research finds that to remain competitive both domestically and abroad, the U.S. insurance industry ultimately needs to move toward a single set of regulations. During the ACORD LOMA Insurance System Forum, research area director of TowerGroup’s Insurance Practice, David West, will be discussing this issue as part of a panel discussion titled “Right or Wrong: Top 10 Analyst Predictions” on Wednesday, May 14, from 10:45AM to 11:45AM.
“The insurance market place is becoming increasingly global,” said David West, research area director of the TowerGroup Insurance Practice. “The U.S. market will grow increasingly uncompetitive if regulation is not more consistent with the regulatory approach taken by other nations in the global market.”
TowerGroup believes that the current insurance regulatory structure has been inefficient and, in some cases, ineffective in ensuring the solvency of insurers, protecting consumers, and fostering a competitive marketplace. The “blueprint” for reform of the banking, securities, and insurance industries, as outlined by United States Treasury Secretary Henry Paulson, strongly favors an optional federal charter for insurance companies – and, in TowerGroup’s view, would bring benefits to both consumers and insurance carriers.
“The most beneficial aspect of the Treasury’s proposal for both insurance consumers and insurance carriers is that it would foster a more competitive environment. This will result in more rapid and efficient product development and the removal of unnecessary price controls that exist within the current state-level approval process,” added West.
The TowerGroup ViewPoint, titled “Paulson’s Blueprint for Insurance: A Rallying Cry for the Optional Federal Charter?,” by David West, research area director of the Insurance Practice at TowerGroup, discusses the merits of the U.S. Treasury’s recommendations regarding a federal insurance regulatory authority and the likely obstacles to its implementation.
The report is available to qualified members of the press for review. To request a copy or to arrange an interview with Mr. West, please contact Jorge Lavina at +1.917.595.3047 or [email protected].
In addition to the panel discussion, Mr. West will lead a session titled “Latest Weapons in the War on Fraud,” at the Forum on Thursday, May 15, from 9:45AM to 10:30AM. Additionally, he as well as senior analysts Rachel Alt-Simmons and Karen Pauli will be available for one-on-one onsite interviews.
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About TowerGroup: TowerGroup is the leading research and advisory services firm focused exclusively on the financial services industry. A respected source for trusted information and advice, TowerGroup brings many of the world’s leading financial institutions, technology companies, and professional services firms a deeper understanding of the business and technology issues impacting their organizations. Headquartered near Boston in Needham, Massachusetts, and with offices in North America and Europe, TowerGroup serves a global client base. Visit www.towergroup.com for more information.Tags: ACORD, LOMA, TowerGroup