Disclosure that the Federal Reserve Board has subjected MetLife to a "stress test" should put to rest any thoughts that the insurance industry has repulsed intervention by federal regulators into their business, a concern that was raised by the near-failure of American International Group.
Hopes that federal regulation had again been thwarted were raised anew when the Treasury Department announced on March 23 that Michael McRaith, current Illinois insurance director, had been named director of the Federal Insurance Office.
Under the Dodd-Frank Act, the FIO only serves as an information-gathering agency on insurance matters. The provision creating the FIO was approved by state regulators and their supporters in Congress.
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