It is unnecessary for property and casualty insurance companies to be overseen by the Financial Stability Oversight Council (FSOC) as potentially "systemically significant," and Congress should move to take away that authority, a P&C trade group contends.
In a letter to Congress, officials of the National Association of Mutual Insurance Companies (NAMIC) say passage of three bills sought by state regulators that would severely roll back federal authority to oversee insurance companies should only be the start of legislative action to curb federal oversight of insurance companies.
NAMIC President/CEO Charles Chamness signed the letter and sent it in advance of a Nov. 16 hearing by the subcommittee on "Insurance Oversight and Legislative Proposals."
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