And he’s right. We’ve got a system that’s been in place for over three decades without any significant changes, and its about high time something happened. “It needs to be rebuilt,” Says Paulson, adding
“It needs to be streamlined and we need more effective regulation.” This is just common sense, with Wall Street swaying like a big Jenga tower, ready to fall at just one more bad take.
The insurance industry has been divided over Paulson’s call in April for federal regulation of life and property-casualty insurance. Paulson has said that a federal-based regulatory system would help insurers to compete globally, and streamline licensing and product regulation for insurance carriers and agents.
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