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

  • 2013 12 – FIO – How To Modernize And Improve The System Of Insurance Regulation In The United States, Federal Insurance Office – 71p
  • 2014 0204 – GOV (House) – The Federal Insurance Office’s Report on Modernizing Insurance Regulation, Randy Neugebauer (R-TX)  —  [BonkNote]
    • [PDF-277p, VIDEO-YOUTUBE]
    • ACLI – Gary Hughes, Executive Vice President and General Counsel, the American Council of Life Insurers 
    • Insurance Commissioner – Thomas Leonardi, Commissioner, Connecticut Insurance Department
      • (p10) – While I am here today to offer solely my views and those of the State of Connecticut, the FIO report impacts all of my fellow State regulators.
    • FIO – Michael McRaith, Director, Federal Insurance Office, U.S. Department of the Treasury
    • In background (Ben Nelson, Gary Hughes?)
    • House – Committee on Financial Services – Subcomittee on House and Insurance
    • p179-180 – 2014 0214 – AAA – American Academy of Actuaries – Testimony of Jeffrey Schlinsog, MAAA, FSA Chairperson, Financial Regulatory Reform Task Force Risk Management and Financial Reporting Council American Academy of Actuaries Submitted for the Record – U.S. House Financial Services Subcommittee on Housing and Insurance Hearing Entitled, “The Federal Insurance Office’s Report on Modernizing Insurance Regulation” – 2p
    • p180-182 – CFA – Written statement of the Consumer Federation of America, J. Robert Hunter
  • Transparency
  • IAIS, IMF, FSAP
  • Supervisory Colleges
  • Federal Reserve insurance knowledge / background
  • (p25 / ) – Steve STIVERS (R-OH)
    • 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) – Michael 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) Thomas LEONARDI (Connecticut 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?