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LONDON, England Federal insurance regulation would be "a lot better" than the current state-regulated insurance system, according to Maurice Greenberg, chairman and chief executive officer of CV Starr & Co.
Speaking at Lloyd's of London Thursday, Mr. Greenberg said that the current state system was too highly politicized to be effective. He described the existing "multitude of commissioners" as, "costly, time consuming and burdensome," as well as being incapable of responding to the needs of the insurance buying public.
Mr. Greenberg said that a federal charter, "would be in everyone's interests and it's something I'm willing to fight for."
The former chairman of American International Group Inc. said that the current regulatory environment was punitive and discouraged innovation; this in turn explains the growth of private equity and the stifling of public companies. "Of course we need regulation, but enlightened regulation," he said.