Filed Under:Risk Management, Captives

GAO, NRRA Spar over Federal RRG Law and What Comes Next

NU Online News Service, April 25, 2:35 p.m. EDT

The battle between the National Risk Retention Association and the Government Accountability Office rages on as the private group has publicly criticized a GAO report calling for clarification of a federal law regulating risk retention groups.

According to Alicia Puente Cackley, director of Financial Markets and Community Investment at the GAO and author of the contentious work, says the report was commissioned by the House Financial Services Subcommittee on Oversight and Investigations.

“Because insurance isn’t regulated at a federal level, it has been our practice for some time to have the NAIC to stand in as representatives for state-insurance commissioners.” Their comments are printed in an appendix regardless of whether the GAO agrees with the second opinion.

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