You are here:HomeIssuesProtecting State Insurance Regulation 2015FIO Says Global Standards Will Reflect U.S. System

FIO Says Global Standards Will Reflect U.S. System

Federal Insurance Office (FIO) Director Michael McRaith said the United States' implementation of the International Association of Insurance Supervisors' (IAIS) global capital standard will reflect the U.S. regulatory system and "won't be driven by the loudest voices..."
May 28, 2015

Federal Insurance Office (FIO) Director Michael McRaith said the United States' implementation of the International Association of Insurance Supervisors' (IAIS) global capital standard will reflect the U.S. regulatory system and "won't be driven by the loudest voices." He made the remarks during the National Association of Insurance Commissioners' (NAIC) Annual International Insurance Forum in Washington on May 21.

"IAIS cannot dictate to any country how the standards are developed," McRaith said. "And the U.S. will implement and interpret in a way that reflects our structure, which is different from other countries and reflects the interest of the United States while still serving the mission of the international standard. In short, this is not going to be foisted on any country, any community, any individual company without a lot of engagement before we get to that point."

Previously, the NAICpublically registered its displeasure with a move by the IAIS to restrict debate on proposed global capital rules for insurers. In October 2014, PIA joined the NAIC, the National Conference of Insurance Legislators (NCOIL), the Property-Casualty Insurers of America (PCI), the National Association of Mutual Insurance Companies (NAMIC), members of Congress and others in opposition to the IAIS's decision to restrict debate, which had been supported by FIO.