Congress is taking one of its first steps toward oversight of Federal Insurance Office (FIO) activities by questioning the FIO's stance on key international insurance regulatory proposals.
Chairman of the House Financial Services Subcommittee on Housing and Insurance, Rep. Randy Neugebauer, told FIO Director Michael McRaith that current international standard-setting proposals could impose unnecessary costs on insurance consumers and hurt the competitive U.S. marketplace.
Specifically, Neugebauer wrote to McRaith, who also heads the influential technical committee of the International Association of Insurance Supervisors (IAIS), stating that two major IAIS initiatives—ComFrame and standards for systemically risky insurers—are, as currently crafted, bad for the U.S. economy and consumers.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
