2014 0204 – GOV (House) – The Federal Insurance Office’s Report on Modernizing – Randy Neugebauer (R-TX)

2014 0204 - GOV (House) - The Federal Insurance Office’s Report on Modernizing, Randy Neugebauer (R-TX) --- [BonkNote]
- [PDF-214p, VIDEO-YouTube] - <Bonk: mp3, mp4>
- McRaith, Leonardi, In background (Ben Nelson, Gary Hughes?)
- House - Committee on Financial Services - Housing and Insurance

(p25 / ) - Mr. STIVERS.
- I will say, it troubles me that the Fed, with no insurance regulation experience, is now representing us in the international forum.
- I would rather have seen another State insurance Commissioner who has expertise.
- That is a personal opinion.
- And frankly, you have a role there, but I am bothered personally that the Fed, with no experience, is sitting at the table.
- We don’t need an empty suit at the table.
- I appreciate the Fed for many things, but I am not sure they add a lot of value at that table.
(p25/26) - Mr. MCRAITH (FIO) - The precise and appropriate level of engagement with interested parties is always a question.
- I heard it as a Commissioner at the NAIC. I heard it in—and we hear this now at the IAIS.
- I think the model we want is one where the industry, the interested parties are heard.
- Their views are respected.
- They are integrated where appropriate.
- And then standards are developed
(p26) Leonardi (CT Insurance Commissioner) - So I think what we need to do is step back and say again, what is the problem we are trying to solve with this very complex structure?