Sen. Metzenbaum, known for his contentiousness on the floor of the Senate, addressed a luncheon audience at the National Press Club. He discussed the recent spate of financial crises in the insurance industry, such as the financial collapse of Executive Life Insurance company, which has left hundreds of thousands of policy holders in California and New York unsure of the state of their insurance coverage. In addition, the state of Alaska continued to invest in Executive Life during the final year before the insurance company’s collapse, which has left thousands of state workers in Alaska unsure of their pension. Sen. Metzenbaum criticized state insurance regulators for failing to adequately maintain knowledge of the financial affairs of the insurance agency. He claimed insurance laws written by the insurance industry, inadequate staffing, infrequent examinations, inadequate capital regulation, and lack of coordination between the states are the reasons for the instability of the insura close
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Kathryn Kahler Chairwoman National Press Club->Board of Directors
Howard M. Metzenbaum U.S. Senator [D] Ohio
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