Ben Nelson, CEO of the National Association of Insurance Commissioners has outlined several concerns with the work of the Federal Insurance Office.
The FIO and the U.S. Treasury Department should not show deference to state regulators in certain regulatory forums, such as participate in International Association of Insurance Supervisors, says Nelson June 13 during testimony at a hearing before the Subcommittee on Housing and Insurance of the House Financial Services Committee.
Moreover, Nelson testified that "it is inappropriate for FIO or any other non-regulator to seek to participate in supervisory colleges, which are vehicles to discuss supervision of specific companies, without an invitation from the [state] regulators."
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