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Greenberg says over-regulation is 'ruining' industry.

Maurice "Hank" Greenberg, the chairman and chief executive officer of C.V. Starr & Co. and former chairman and CEO of American International Group Inc., recently made the fob lowing comments at Schiff's Insurance Conference in New York City:

* A "hostile regulatory environment" is costing the United States its lead role in the insurance business.

* Using contingent commissions "has been a custom and practice for as long as I've been in the business."

* "Anybody who believes workers' comp over the years made a profit year-by-year and state-by-state believes in the tooth fairy."

* "There was nothing that I did that was improper. I only built the world's largest insurance company. I'm sorry if that offends anybody."

* "AIG was like a race horse. You have to put the right jockey on to win the race. If you put someone that only handles work horses or plough horses, that race is going to be lost. Once you lose the winning culture, you have a problem."
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Title Annotation:Highlights From BestWeek: Briefing
Author:Dankwa, David
Publication:Best's Review
Date:May 1, 2007
Words:161
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