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FIO Has Clear Limits on Authority, Conn. Commissioner Leonardi Says

Connecticut Insurance Commissioner Thomas Leonardi believes the Federal Insurance Office (FIO) could play a significant role as the voice of the United States government in dealing with Europe and its regulatory initiative, Solvency II...
March 8, 2013

Connecticut Insurance Commissioner Thomas Leonardi believes the Federal Insurance Office (FIO) could play a significant role as the voice of the United States government in dealing with Europe and its regulatory initiative, Solvency II. Leonardi also serves as chairman of the National Association of Insurance Commissioners’ International “G” Committee.

An FIO report on ways to improve and modernize the U.S. insurance regulatory system, was due more than 14 months ago. “So people are starting to wonder when you see that it cannot meet the statutory requirements of delivering reports,” Leonardi said. While Leonardi says he welcomes the FIO having a role as a voice of the U.S. government overseas, “it needs to be clear, perhaps more importantly in Europe, that the states, the legislatures and governors of those states are who ultimately pass insurance regulation laws, [and] that the FIO doesn’t have any power to come back to the U.S. and say to commissioners, ‘the Europeans and I have agreed to X, Y and Z, so therefore, you will do it.’”

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