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McRaith Says FIO Report Due in Two to Four Weeks — Maybe

Following a closed discussion between Federal Insurance Office (FIO) Director Michael McRaith and the National Association of Insurance Commissioners (NAIC), NAIC CEO Ben Nelson said that the long-awaited insurance industry modernization report could be released in the next two to four weeks...
September 5, 2013

Following a closed discussion between Federal Insurance Office (FIO) Director Michael McRaith and the National Association of Insurance Commissioners (NAIC), NAIC CEO Ben Nelson said that the long-awaited insurance industry modernization report could be released in the next two to four weeks. However, according to Nelson, McRaith did caution that the estimated timing may not be met given that many deadlines in the past have been previously missed.

Anticipating that the much-delayed FIO report will be biased in favor of federal insurance regulation, PIA took action to balance the scales. PIA worked closely with its allies in Congress to get them to request a Government Accountability Office (GAO) study of the benefits of state insurance regulation. The GAO report, released June 27, 2013, found that the state insurance regulatory system worked to help mitigate the negative effects of the 20072009 financial crisis on the insurance industry. The report also noted that state regulators were especially critical in maintaining general stability in the market during the crisis.

GAO vs. FIO – Article by PIA’s Ted Besesparis (American Agent & Broker 9/1/2013)

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