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Congressman to McRaith: Oppose International Insurance Regulation

In a letter to Federal Insurance Office (FIO) Director Michael McRaith, U.S. House Subcommittee on Housing and Insurance Chair Randy Neugebauer (R-Texas) voiced opposition to the International Association of Insurance Supervisors’ (IAIS) plans for a Common Framework for international insurance regulation and plans to apply the systemically important designation to several large U.S. insurers...
April 2, 2013

In a letter to Federal Insurance Office (FIO) Director Michael McRaith, U.S. House Subcommittee on Housing and Insurance Chair Randy Neugebauer (R-Texas) voiced opposition to the International Association of Insurance Supervisors’ (IAIS) plans for a Common Framework for international insurance regulation and plans to apply the systemically important designation to several large U.S. insurers.

Neugebauer believes the global standards “could unnecessarily undermine U.S. state-based regulation of insurance.” He also believes a group-wide capital requirement would boost costs for policyholders and investors. Additionally, he calls on the FIO to work with the U.S. Financial Stability Oversight Council and the Financial Stability Board to reject recommendations from the IAIS that are not in compliance with U.S. law. The congressman requested a meeting with McRaith to discuss international standard-setting negotiations.

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