The Bipartisan Policy Center's insurance task force has released a new report that examines key global insurance regulatory issues and their implications for U.S. policy.
The report, “Global Insurance Regulatory Issues: Implications for U.S. Policy and Regulation,” offered four recommendations:
- Policyholder protection should remain the primary goal of the U.S. solvency system.
- The Financial Stability Oversight Council's independent member with insurance expertise should be included as a member of “Team USA,” the group of state and federal entities that represents U.S. interests in discussions on global insurance issues.
- To improve its effectiveness and the ability of its members to work together, the structure and transparency of “Team USA” should be clarified and codified.
- U.S. federal regulators should develop an approach to resolving failed insurers that is tailored to the business of insurance.
The task force said that the paper will be followed in 2016 by a final report that will include recommendations to improve insurance regulatory reform at the global, national, and state levels.
“Insurance is an increasingly global business that is demanding greater coordination among international regulators. We think policymakers understand they need to be aware of these changing dynamics and the significant changes to U.S. insurance regulation brought about by the Dodd-Frank Act,” Justin Schardin, associate director of the Bipartisan Policy Center's Financial Regulatory Reform Initiative, said.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].