McCarty, who is Florida’s insurance commissioner, made his remarks
NAIC is among those representing
But McCarty said implementing such a standard likely would be unsuccessful in the insurance sector. “Overlaying such an approach on the insurance sector is not likely to yield better regulation of banks or thrifts owned by insurers, and could exacerbate the next crisis,” he said. He said after the speech that those seeking universal capital standards place too much emphasis on capital when other methods are available. Such a standard, he said, would lead to marketplace distortion. The two groups should focus on cooperation that would provide a better understanding of the risks in the market, he said.
There already has been opposition in
McCarty addressed other issues, such as the NAIC's monitoring of Affordable Care Act implementation while seeking to preserve state regulatory authority, fulfilling mandated responsibilities outlined in the law, and providing states with guidelines, best practices and models as part of implementation. Also, he praised NAIC's work to transform the life insurance industry’s use of the Social Security Administration’s Death Master File. He anticipates the top 40 life insurance groups will alter their use of the Death Master, covering more than 90% of the life insurance market.
|Copyright:||(c) 2012 A.M. Best Company, Inc.|
|Source:||A.M. Best Company, Inc.|