A top official of State Farm today attacked proposed rules by federal regulators to provide consolidated regulation of insurers that operate thrifts, saying the rules do not make sense and may conflict with existing state-based regulations.
The comments were made at a hearing of two subcommittees of the House Financial Services Committee dealing with proposed capital rules for U.S. financial services firms.
The proposals discussed at the hearing were put forward by federal regulators and would apply the Basel III international accounting standards to U.S. financial firms, including insurers.
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