The property and casualty industry in general supports creatinga federal insurance office, according to testimony last week beforeCongress. But the devil is in the details, with the sector splitover how much power and responsibility to give such a body.
Trade groups representing large insurers as well as reinsurersvoiced support for a strong agency with broad powers under H.R.2609–the Federal Insurance Office Act. But smaller insurers,independent agents and state insurance regulators asked that thescope of the agency be restricted.
Therese Vaughn, chief executive officer of the NationalAssociation of Insurance Commissioners, said her members wouldsupport creation of the FIO, as long as it had a limited roleinvolving international agreements and systemic risk, and leftsolvency issues to the states.
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