The U.S. Treasury's Federal Insurance Office (FIO) long-simmering report on modernization was greeted like a wonk's Rorschach ink blot for many who reviewed it Thursday afternoon.
The report either affirms state regulation or allows for the hand of the federal government to guide insurance regulation down a smoother path, both for interested parties and for itself in certain areas.
The National Association of Insurance Commissioners (NAIC) president, Jim Donelon of Louisiana, wrote that he was “pleased the Treasury Department continues to embrace the state-based system of insurance regulation.”
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
