WASHINGTON–An organization of top financial services executives proposed legislation today that the group said would mandate better regulation and coordination of the sector.
In calling for the measure, Tom Renyi, chairman of the Financial Services Roundtable, cited the problems of the state-regulated bond insurance industry and the lack of an optional federal insurance charter system as reasons it is needed.
Mr. Renyi, who also serves as executive chairman of The Bank of New York Mellon, and Steve Bartlett, president and chief executive officer of the Roundtable, noted in separate statements that an optional federal charter for insurers would incorporate all three of the components of the Rountable's legislative revamp proposal: coordination, principles-based regulation and prudential supervision.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
