Would federal regulation better protect big commercial buyers? The Risk and Insurance Management Society's leadership is excited about the recent endorsement by the Bush administration of an optional federal charter. But all I can say is, be careful what you wish for, because federal oversight certainly has not produced good risk management under this hands-off White House, and I doubt any cost efficiencies will be passed along to consumers.
At a press briefing yesterday with senior RIMS officers here in San Diego at the Society's annual conference, Terry Fleming, a director for the group who deals with legislative issues, spoke about the “very nice surprise” from the Treasury Department, which included a call for an OFC in its recent pitch for a comprehensive overhaul of financial services regulation.
The first step proposed by Treasury towards an OFC would be the establishment of an Insurance Information Office, which Mr. Fleming called a “wonderful idea.” He noted that the banking and securities industries have long had the ability to coordinate information and report back to the federal government, adding that having a similar function within Treasury for insurance was long overdue.
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