Lawmakers and industry and government officials are pushing for a robust role abroad for the U.S. Federal Insurance Office (FIO) to increase international competitiveness for the U.S. insurance industry.
In a May 17 hearing before the Insurance, Housing and Community Opportunity Subcommittee of the House Financial Services Committee, chaired by Rep. Judy Biggert, R-Ill., insurers, regulators and consumer advocates were united in emphasizing a need to work together to create clarity and consistency so insurers can expand their markets abroad.
Insurance executives implored Congress, FIO, the office of the United States Trade Representative (USTR) and other officials to emphasize the need to resolve conflicts over trade, transparency, capital standards, conflicting regulatory standards, and other supervisory and free-market concerns.
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