NAIC President-Elect John M. Huff testified before Congress on Sept. 29 on behalf of the National Association of Insurance Commissioners (NAIC). The hearing, titled “The Impact of Domestic Regulatory Standards on the U.S. Insurance Market,” was held by the U.S. House Financial Services Subcommittee on Housing and Insurance.
Federal government action necessary?
“Despite extensive state responsiveness, we understand that the Treasury Department and the USTR [U.S. Trade Representative] are preparing to start negotiations on a covered agreement with the EU to address further reduction of reinsurance collateral,” testified Huff, who also serves as the Missouri Insurance Director. “We question whether a covered agreement or any formal action by the federal government is necessary to resolve equivalence as it is clear that recognition can be achieved through other mechanisms.”
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
