Allstate Seeks National Regulator of Insurers

While most financial services companies cringe at the thought of more regulation, Allstate(ALL Quote) CEO Tom Wilson on Wednesday is launching a very public campaign calling for national regulation of insurance companies.

That would be a huge change from the current system of state-by-state regulation, which creates many loopholes. Some of those gaps in regulation were exploited by American International Group(AIG Quote).

Starting Wednesday, Allstate is running print ads stating the case for national insurance regulation. One headline reads: "A man-made disaster just cost America trillions -- Here's How To Keep It From Happening Again." The text calls for reform of all financial institutions and the regulatory agencies that supervise them. ...