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NAIC Complains to Obama About FIO, FSB

Top state insurance commissioners told President Obama in person that they are experiencing frustrations with federal and international insurance entities...
November 27, 2013

Top state insurance commissioners told President Obama in person that they are experiencing frustrations with federal and international insurance entities. During a meeting the president called at the White House with state insurance commissioners on November 20 to discuss the Affordable Care Act (ACA), several National Association of Insurance Commissioners (NAIC) officials voiced their concerns about working with the Federal Insurance Office (FIO) on international matters, and they also took issue with the lack of a U.S. state insurance regulatory seat at the table of the G-20’s Financial Stability Board (FSB).

NAIC President Jim Donelon of Louisiana and NAIC International Committee Chair Tom Leonardi raised issues they have had with the FIO. Nelson and Leonardi, along with NAIC CEO Ben Nelson, told the president that state regulators were not getting support from the Treasury Department as global policy directives, international capital and other standards are being meted out from afar.

Obama responded that he was aware of these issues but was not briefed on the level of detail. He said he was supportive of state regulation and told the NAIC to take its issues up with FSB representation and Treasury’s FIO in a meeting with Treasury Secretary Jack Lew. NAIC members and insurance companies in both the life and P&C sectors have expressed grave concerns about banking standards being applied to insurance companies.

NAIC Tells Obama of Clashes with FIO, FSB (National Underwriter 11/22/13)

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