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|Source:||A.M. Best Company, Inc.|
The now-forming U.S. Federal Insurance Office is a “tremendous step forward” toward modernizing insurance regulation in
The Dodd-Frank financial reform act keeps regulatory authority at the state level. But in forming the FIO, the act equips the federal government to “increase international cooperation on insurance regulation, enhancing our collective efforts in addressing risks posed to the financial system,” Wolin said in prepared remarks.
The FIO is in the process of becoming a member of the
“We anticipate that the Federal Insurance Office will be actively involved, for example, in working with the representatives of other countries on reinsurance collateral and U.S. equivalence under Solvency II,” said Wolin, who was president and chief operating officer for the property/casualty office of
An array of insurance trade associations from around the globe sent a joint letter to G20 leaders ahead of their summit earlier this month asking for consideration of “the differentiated nature of insurance when deciding upon any measures to address systemic risks.” The call to treat insurance oversight separately from banking regulation was signed by the