Given the enormity of the financial crisis, a predisposition toward bold legislative action among lawmakers seems natural. Yet, a measured, surgical response that takes into account the peculiarities of insurance while recognizing its central place in the financial services industry may be the correct one.

Patricia Guinn, managing director, risk & financial services, at New York-based Towers Perrin, favors such an approach. Indeed, Guinn recently testified to this effect at hearings held by the House Committee on Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises titled “How Should the Federal Government Oversee Insurance?”

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