The property/casualty insurance industry does not pose a systemic risk and should not be subject to any new federal systemic authority, according to recent testimony from two major insurance industry associations.
Both the National Association of Mutual Insurance Companies (NAMIC) and the Property Casualty Insurers Association of America (PCI) testified before a House Financial Services Subcommittee addressing system risk and insurance. The hearing is taking place as Congress mulls legislation that would modernize the regulatory structure of financial services.
John Hill, NAMIC's chairman-elect and president and COO of the New York-based Magna Carta Companies, testified on behalf of NAMIC. Hill made it clear that property/casualty insurance is distinct within the financial services sector.
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