Chicago — Bob MacDonald, former CEO of Allianz Life of North America and financial services maverick, warns state insurance regulators that greater supervision is needed to protect insurance companies from themselves.

Writing in his blog, MacDonald notes that the focus of state insurance department regulation has historically been to protect the consumer from the actions of insurance companies. As it turns out, the regulators have been concerned about the wrong issue, he says. The objective of these regulations should have been aimed at protecting the insurance companies from themselves.

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