Filed Under:Your Practice, Regulatory

FIO Keeping Busy, Discussing International Regulatory Authority with USTR, Agencies

Downtown Frankfurt (AP Images)
Downtown Frankfurt (AP Images)

Michael McRaith, director of the Federal Office of Insurance (FIO), is moving aggressively to reduce the differences between European and U.S. insurance regulatory and supervisory schemes.

McRaith met last Wednesday with officials of the European Insurance and Occupational Pensions Authority (EIOPA) and industry officials in Washington said he told them before he left that he hopes to have a template in place by November for smoothing over differences between the two regulatory schemes.

That’s because the FIO and top Treasury officials are developing an expertise on insurance issues and have also developed a mechanism for dialogue with state officials, who are the designated overseers of insurance.

The report was mandated by the Dodd-Frank Act (DFA), and was supposed to be released Jan. 21.

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Nichole Morford

Nichole Morford
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