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NAIC CEO Ben Nelson to Congress: “FIO Does Not Speak for Insurance Regulators”

The Federal Insurance Office (FIO) and the Treasury Department should show deference to state insurance regulators in certain regulatory forums, according to Ben Nelson, CEO of the National Association of Insurance Commissioners (NAIC)...
June 18, 2013

The Federal Insurance Office (FIO) and the Treasury Department should show deference to state insurance regulators in certain regulatory forums, according to Ben Nelson, CEO of the National Association of Insurance Commissioners (NAIC).

In testimony before the Subcommittee on Housing and Insurance of the House Financial Services Committee on June 13, Nelson said, “it is inappropriate for FIO or any other non-regulator to seek to participate in supervisory colleges, which are vehicles to discuss supervision of specific companies, without an invitation from the [state] regulators.” Nelson also criticized the direction of international work on Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) and other projects of international insurance bodies.

“The NAIC believes that the FIO can enhance existing efforts of the NAIC and the U.S. insurance regulators, and adds another federal voice. However, FIO does not speak for insurance regulators,” said Nelson. “We expect the Treasury Department to give deference to, and be supportive of, the views of the regulators in forums that focus almost exclusively on regulatory issues.”

bennelsontestimony061313

NAIC CEO Ben Nelson testifying on June 13 before the Subcommittee on 
Housing and Insurance of the House Financial Services Committee.Nelson
said the Federal Insurance Office (FIO) “Does not speak for insurance regulators.”


NAIC Press Release
(6/13/13)

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