[Source:International Herald Tribune]
"This is just a giant insurance industry that is under-regulated and not very well reserved for and does not have very good standards as a result," said Michael Farrell, chief executive of Annaly Capital Management in New York. "I think unregulated markets that overshadow, in terms of size, the regulated ones are a real question mark."
or
"It would be as if homeowners, facing losses after a hurricane, could not identify the insurance companies to pay on their claims. Or, if they could, they discovered that their insurer had transferred the policy to another company that could not cover the claim."
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