(Bloomberg) — To fight wrong-headed oversight, insurers traditionally turn to lobbyists and lawmakers.
Axa SA is picking up the Bible.
Some regulators have proposed restrictions on contracts that they see as new and risky. The Bible shows there is a long history of making such deals, said Christian Thimann, who joined Axa from the European Central Bank this year.
“If one looks back, one finds that derivatives are almost as old as mankind,” Thimann said yesterday at a conference held by the Institute of International Finance in Washington.
“In the Old Testament, Jacob bought an option to marry Rachel,” he said. “So there are derivatives 1,700 years before Christ.”
In the Bible, Jacob agrees to work for seven years to earn the right to marry Rachel. He’s tricked into marrying her older sister Leah, then eventually weds Rachel as well.