Conference to address impact of Wall Street reform on insurance industry

By: ISU Communications and Marketing Staff, ISU Communications and Marketing Staff
August 30, 2010

Insurance industry leaders and regulators will discuss the impact of Wall Street Reform on the insurance business in the Midwest during a Sept. 14 conference at the Columbia Club in Indianapolis.

Networks Financial Institute at Indiana State University is sponsoring the conference.

"Insurance Regulatory Reform Issues: Regional Perspectives" will address the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on the insurance industry in the Midwest. The act is widely regarded as the most sweeping financial regulatory overhaul since the Great Depression. Among the issues to be discussed at the conference will be how the industry can guard against another "too big to fail" scenario such as the 2008 collapse of AIG, said Terrie Troxel, interim director of Networks, an outreach of Indiana State's Donald W. Scott College of Business.

"Our region is home to a breadth of insurance organizations. As the federal government forms policy in accordance with the Dodd-Frank Act, it is important that the Midwest sector make its voice heard as it serves the interests of businesses, consumers and policyholders," Troxel said.

Implementation of the Dodd-Frank Act represents a transformative approach to insurance regulation, said Charlie Richardson, a partner and chair of the insurance and financial services group at Sagamore Consulting, a division of Baker and Daniels.

"For many generations, the insurance industry has been state regulated. The creation of a federal regulatory office within the treasury will set the stage for unprecedented study of the industry. This conference will shed light on some of the issues the industry can expect to encounter," Richardson said.

Therese Vaughan, chief executive officer of the National Association of Insurance Commissioners, will be the keynote speaker. Vaughn has worked closely with state regulators, insurance companies and the federal government to address the interests of consumers and preserve the integrity and soundness of the insurance industry, and she brings a unique perspective to how the Dodd-Frank Act may impact the industry, Troxel said.

Other industry speakers and panelists will include Charles Chamness, president and CEO of the National Association of Mutual Insurance Companies; Robert Gordon, senior vice president of the Property Casualty Insurance Association of America; Kevin McKechnie, executive director of the American Bankers Insurance Association; Michael McRaith, director of the Illinois Department of Insurance; Ken Ross, commissioner of the Michigan Office of Financial and Insurance Regulation; and Frank Nutter, president of the Reinsurance Association of America.

A panel of researchers will address emerging topics challenging the insurance industry, including systemic risk and the role of consumer protection in insurance markets. Panelists will include Sharon Tennyson, associate professor in the department of policy analysis and management at Cornell University and Martin F. Grace, the George S. Kemper professor of risk management at Georgia State University.

The conference will begin at 8:30 a.m. and conclude at 2:30 p.m. Tickets are $30 and include lunch. More information, including a complete list of speakers and a registration form, is available at http://isunetworks.org. Individuals may also register by calling 317-536-0281, extension 720.

About Networks Financial Institute: Networks Financial Institute at Indiana State University was founded in 2003 with a grant from Lilly Endowment. The non-profit organization strives to facilitate a more effective national and international financial services marketplace through student programs, financial literacy and thought leadership surrounding industry issues. Networks is headquartered in the Scott College of Business at Indiana State University with offices in downtown Indianapolis and outreach in Washington, D.C. and internationally. For more information, visit http://isunetworks.org

Contact: Elaine McVay, Networks Financial Institute at Indiana State University, 812-237-4178 or Elaine.mcvay@indstate.edu