INDIANAPOLIS — One of the gaps in state insurance regulation is in the area of insurers use of captives, Federal Insurance Office (FIO) Director Michael McRaith said today in a closed meeting with state insurance regulators, staff and leadership of the National Association of Insurance Commissioners (NAIC) here at the NAIC summer meeting.
McRaith also reportedly told the assembly of regulators at the NAIC Commissioners Roundtable that the overdue FIO modernization report could be out in as little as two weeks to perhaps a longer horizon of a month or more, and that although he s an optimist, he has been wrong before, according to attendees.
The long-anticipated report was officially due in January 2012, and has long been seemingly imminent, so the timetable can shift, still. It must be scored by the Office of Management and Budget, still, although certainly earlier drafts have been sent up before. Treasury needs to give final approval to the FIO's reports.
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