Filed Under:Your Practice, Regulatory

Subcommittee wants monthly updates from FIO

Neugebauer to keep pressing FIO on international work

House Financial Services Subcommittee Chairman Randy Neugebauer, R-Texas
House Financial Services Subcommittee Chairman Randy Neugebauer, R-Texas

The chairman of the House Financial Services Subcommittee on Housing and Insurance wants more from Michael McRaith, and intends to press him on a continued basis for updates on international insurance matters to make sure the U.S. insurance system is not drawn into a Euro-centric model, according to Hill staff and a letter sent yesterday to McRaith.

Subcommittee Chairman Randy NeugebauerR-Texas wants to be frequently updated and have key people involved in ongoing discussions regarding international measures that can create new, overarching capital adequacy standards or expectations for certain U.S. insurance companies. 

USTR officials have previously pointed to language as something that the Treasury Secretary is required to consult with the USTR on before initiating or concluding any international insurance agreements on "prudential measures," or measures concerning financial stability.

The language establishing the FIO in the Dodd-Frank Act, crafted by House Financial Services Committee officials, originally called for the FIO/Treasury to have full authority to negotiate international trade pacts regarding insurance.

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