GARY G. MILLER: “I am not reflexively antigovernment or promarket. I am a Democrat. I think there are some things that government does…”

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 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.

If we are concerned about empowering consumers, we really should be concerned about their safety.

On the recent ruling on Basel III, you acknowledge insurance companies are very different from banks, and you postponed any negative decision on that. I think that was a very, very wise move.