Description: This panel discussion is from the 1991 Meeting of the Society of Actuaries, held May 16-17 in New York. The panelists, including regulators and a retired insurance company CEO, discuss the evolution and current status of industry regulation and offer perspectives as to how that process is and will be changing to address future industry dynamics. Topics include status of regulation in the United States, notable failures and successes, state regulation versus other alternatives, e.g., federal-state, and industry risk management, including prevention of business failures, and state guarantee fund. Discussion from participants is included. From the Record of Society of Actuaries, Volume 17, No. 2.