The U.S. House Committee on Financial Services Subcommittee on Housing and Insurance recently held a hearing titled, “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers.” Witnesses included Mike McRaith, director of the Federal Insurance Office (FIO) at the U.S. Department of the Treasury, created under the Dodd-Frank Act.
McRaith made the following comments regarding the newly created FIO and various reports to be released by the FIO:
“FIO does not conduct day-to-day oversight of the business of insurance. Rather, FIO has the responsibility to monitor all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system.
“In discharging its statutory responsibilities, FIO has been engaged with the Financial Stability Oversight Council on the council’s activities, and has been advising the secretary on insurance matters of national importance. FIO also will shortly publish its first annual report on the state of the U.S. insurance industry. The annual report reviews the financial performance of the industry and significant regulatory developments. The report also identifies important trends in the insurance industry that merit continued scrutiny. FIO expects to produce a number of additional reports this year, including the report on how to modernize and improve the system of insurance regulation in the United States.”
To view the full testimony from this hearing, visit ASA’s legislative website at www.TakingTheHill.com.