Declarations

Tort reform impact

“It’s difficult to say whether tort reform measures have impacted this slow down in tort costs growth. We have yet to see what, if any, impact the class action reform legislation that was passed in February 2005 will have on future class action claims — as well as whether the newly elected Democratic Congress will have an impact. What has certainly had an impact on tort costs trends has been the decade-plus decline in auto accident frequency, as the basic auto accident is the single largest portion of U.S. tort costs.”

Russ Sutter, principal, Tillinghast business of Towers Perrin, on his 2006 Update on U.S. Tort Cost Trends showing the rate of growth of tort costs has slowed.

State system’s strength

“The strength of state-based regulation lies in our connection to our communities. As the next president of the NAIC, I pledge to continue the NAIC’s efforts to protect consumers, enhance regulatory modernization and provide national uniformity through programs such as SERFF and the Interstate Insurance Commission.”

Alabama Insurance Commissioner Walter Bell upon assuming office as the new president of the National Association of Insurance Commissioners.

What really matters

“What we’re trying to do is intensely focus this exercise on what really matters.”

SEC Chairman Christopher Cox in explaining that federal securities regulators are moving to ease some financial-control rules for thousands of smaller public companies contained in Section 404 of the 2002 landmark Sarbanes-Oxley act.

Culture of prevention

“Unfortunately, it’s easy to interpret that if I comply with the minimum requirements of the law, I’m going to be OK. That’s often a bad assumption.”

Larry Grayson, engineering professor and chairman of The Mine Safety Technology and Training Commission, upon releasing the panel’s report calling upon coal companies to replace by-the-book compliance with a culture of prevention if they want to eliminate the underground fires and explosions that are killing miners. The commission made more than 70 recommendations aimed at eliminating deaths and serious injuries in an industry that has had its worst year in decades.

Good commissioner

“I’m sorry to see her go. She’s a good commissioner. When we’d talked about it before, I think finance issues are part of it. She’s in a field and has a background where she can make an awful lot more money in the private sector. I’m grateful for the four years that she’s given us.”

Tenn. Gov. Phil Bredesen upon the news that Commerce and Insurance Commissioner Paula A. Flowers plans to leave his cabinet and return to the private sector.

Topics Legislation