Filed Under:Carrier Innovations, Regulation/Legislation

FSR: FIO Should Coordinate Federal Insurance Activity to Avoid Onerous Demands

NU Online News Service, March , 3:24 a.m. EDT

The Financial Services Roundtable wants the Treasury Department to use the Federal Insurance Office to coordinate all federal-agency activities regarding insurance in order to ensure that onerous and duplicative federal intervention in the insurance business does not occur.

Regarding the actions of the Fed in designating insurers as systemically significant, the letter says, “The FIO and Treasury should assist the Federal Reserve in evaluating how these rules could impact the business model, capital structure and statutory-risk factors of insurance companies, in the event any insurance groups are designated pursuant to such rules.”

In the wake of the Fed action, Dave Jones,Californiainsurance commissioner, issued a statement reaffirming that MetLife’s life-insurance group “exceeds insurance-financial-solvency requirements.”

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