A House Financial Services Committee subcommittee, under pressure from domestic insurance interests, is expected to demand that Federal Insurance Office Director Michael McRaith pressure European regulators to bend policy more to the liking of U.S. insurers.
The June 13 Housing and Insurance Subcommittee hearing comes as the International Association of Insurance Supervisors prepares its final list of global systemically important insurers, and lawmakers will also ask what U.S. governance representatives are doing to shield U.S. insurers from being designated as globally systemically important insurers.
Back in late March, FSC Subcommittee Chairman on Housing and Insurance, Rep. Randy Neugebauer, R-Texas, told McRaith that current international standard-setting proposals could impose unnecessary costs on insurance consumers and hurt the competitive U.S. marketplace.
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