The property and casualty industry in general supports creating a federal insurance office, according to testimony last week before Congress. But the devil is in the details, with the sector split over how much power and responsibility to give such a body.
Trade groups representing large insurers as well as reinsurers voiced 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 the scope of the agency be restricted.
Therese Vaughn, chief executive officer of the National Association of Insurance Commissioners, said her members would support creation of the FIO, as long as it had a limited role involving international agreements and systemic risk, and left solvency issues to the states.
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