Treasury Secretary Timothy F. Geithner's recent remarks before the House Financial Services Committee about the creation of an optional federal charter regulatory system have educed a fractured response from leading insurance associations.
During the hearing, Geithner discussed the need to outline steps to “protect against systemic risk” and “lay out a detailed framework for stronger rules to protect consumers and investors against fraud and abuse.”
Leigh Ann Pusey, president of the American Insurance Association (AIA), agreed that new rules should protect consumers and policyholders and “encourage innovation and high standards that will create a race to the top, rather than a race to the bottom.”
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