The director of the Federal Insurance Office rejects industry and congressional allegations it is somehow conspiring with foreign regulators to establish capital standards that will undermine the competitiveness of U.S. insurers.
In testimony prepared for delivery June 13 to the House Financial Services' Subcommittee on Housing and Insurance—in what is expected to be the first look at the FIO's vision for its role in insurance regulation—Director Michael McRaith says he is operating within the agency's statutory authority.
The FIO has power to coordinate federal efforts and develop federal policy on prudential aspects of international insurance matters, including representing the U.S. in the International Association of Insurance Supervisors."
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