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Pa. Insurance Commissioner: FIO Report Confirms Strength of State System

In a recent interview with A.M.BestTV, Pennsylvania Insurance Commissioner Michael Consedine said the strength of the state-based regulatory system was confirmed by the Federal Insurance Office’s (FIO) recent report...
April 2, 2014

In a recent interview with A.M.BestTV, Pennsylvania Insurance Commissioner Michael Consedine said the strength of the state-based regulatory system was confirmed by the Federal Insurance Office’s (FIO) recent report. Consedine, who is also Vice President of the National Association of Insurance Commissioners (NAIC), said, “It [the insurance industry] survived the financial crisis and that really there’s no intention to dramatically change that with respect to having a complete federal overlay. I think it [the FIO report] pointed out a number of areas where at least it’s the FIO’s view that we can do better, and I think in many of them we would agree and actually correspond to a lot of the current work streams that we already have going on in place at the NAIC to deal with things like group supervision or governance. So you’ll see continued focus by the NAIC to ensure that our system is the best on the globe.”