The United States may refuse to apply new global capital rules in the world's biggest insurance market because of the "breakneck speed" they are being pushed through, American regulators said on Monday. The National Association of Insurance Commissioners (NAIC), made up of state insurance regulators, said there was no proven need to bring in the world's first insurance capital rules. Top NAIC officials visiting London said that the push by global regulators to agree such rules within three years and "without adequate analysis" was a major concern because policyholders would foot the bill for any extra capital demanded. "This is breakneck speed ... Where's the need?" Monica Lindeen, the insurance regulator for Montana and NAIC president-elect, told Reuters in an interview. U.S. regulators want to preserve capital requirements on a local basis to protect policyholders, and reject a wider approach, she added. The first of the new rules from the International Association of Insurance
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