In a letter to
“As long-term investors, life insurers help drive economic growth and provide financial stability,”
* Repealing the
“The designations of insurers were largely dependent on banking expertise, not insurance expertise. FSOC's decisions with regard to insurers were bank-centric and not grounded in an accurate understanding of the business of insurance.”
* Reemphasizing FSOC's role in identifying macro-prudential risks.
“FSOC's narrow focus on a few individual entities in certain sectors has diverted attention and resources away from its more important role as a broad-sighted macro-prudential overseer of the economy that can identify potential systemic risk in a timely fashion.”
* Increasing FSOC's insurance regulatory expertise.
“FSOC's structure should be changed, including adding state insurance regulators as voting members. FSOC's actions to date reflect its dominance by bank regulators, discounting the opinions of the single insurance expert voting member, resulting in erroneous and harmful decisions affecting insurance companies.”
* Supporting the Covered Agreement on insurance and reinsurance.
“The Covered Agreement on insurance and reinsurance strengthens the competitiveness of