BOSTON—While the role the U.S. will play in new global-regulatory proposals remains uncertain, the threat of additional layers of restrictive guidelines is a "very real threat," says David Sampson, CEO of the Property Casualty Insurers Association of America.
In outlining risks facing the industry in his opening remarks here at the PCI Annual Meeting, Sampson highlighted what he called the Financial Stability Board's clear intent to "be the global arbiter of financial regulation, which directed the International Association of Insurance Supervisors to issue plans to develop global insurance capital standards by 2016.
"The role of the U.S. government in these efforts is unclear at best," he said. He acknowledged it may be some time before capital requirements are implemented but the danger of "new layers of bank-centric, unnecessary regulation" must be monitored to ensure "this agenda does not disrupt a highly competitive U.S. insurance market."
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