Filed Under:Your Practice, Regulatory

Lawmakers get update on G-SII, Comframe, captives

As part of testimony from McRaith, Nelson and Woodall

NAIC CEO Ben Nelson (AP Photo/Harry Hamburg)
NAIC CEO Ben Nelson (AP Photo/Harry Hamburg)

During the Thursday hearing, the Subcommittee of Housing and Insurance of the House Financial Services Committee heard testimony from NAIC CEO Ben Nelson, Federal Insurance Office Director Michael McRaith, and the insurance expert on the U.S Financial Stability Oversight Council (FSOC) Roy Woodall, on other industry concerns – namely ComFrame, captives and G-SII.

Nelson expressed that one of the NAIC’s biggest concerns with the IAIS project of ComFrame, a common framework for supervision of global insurers, is that it seems to be based on a bank-centric, Euro-centric approach. He also said earlier in the question and answer period that he believes ComFrame has become overly prescriptive in nature. 

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Nichole Morford

Nichole Morford
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