|Copyright:||(c) 2010 A.M. Best Company, Inc.|
|Source:||A.M. Best Company, Inc.|
There is little for the insurers to fear in the new Federal Insurance Office, but it nonetheless has the potential for long-term involvement in industry affairs, said panelists at a forum on federal insurance issues in 2011.
For now, the FIO is a “toothless tiger,” said former
The office lacks the power to rival state regulators for oversight of the insurance industry. However, its mandate to develop a report on the state of insurance regulation after 18 months could pose long-term consequences, said
“It’s hard to understand where an additional layer [of regulation] wouldn’t be duplicative,” said
The insurance industry has reasons to mistrust the FIO, particularly because many in
The FIO’s responsibilities include issuing recommendations to the new