The director of the Federal Insurance Office rejects industryand congressional allegations it is somehow conspiring with foreignregulators to establish capital standards that will undermine thecompetitiveness of U.S. insurers.
In testimony prepared for delivery June 13 tothe House Financial Services' Subcommittee on Housing andInsurance—in what is expected to be the first look at the FIO'svision for its role in insurance regulation—Director MichaelMcRaith says he is operating within the agency's statutoryauthority.
The FIO has power to coordinate federal efforts and developfederal policy on prudential aspects of international insurancematters, including representing the U.S. in the InternationalAssociation of Insurance Supervisors."
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