GARY G. MILLER: “the one thing I guess that just keeps going through my head is how are you going to market your products? Because China…”

For the past century, and through multiple financial crises, the State-based insurance regulatory system in the United States has been successful and has protected policyholders.

I would be concerned that the proposed rules do not take into account the different business models and risk profiles of insurance companies.

I have always had a problem with the way they were fundamentally flawed. You had a hybrid situation where the private sector made all the profits, and the taxpayers took all the risk, which was problematic from the beginning.

The rules being proposed are bank-centric and do not take into account the fundamental differences between how banks and insurance companies operate.