Filed Under:Your Practice, Regulatory

FIO zeros in on captives

McRaith said identifying use of captives is a big area of concern

River Walk, Indianapolis
River Walk, Indianapolis

Indianapolis -- One of the gaps in state insurance regulation is in the area of insurers' use of captives, Federal Insurance Office (FIO) Director Michael McRaith said today in a closed meeting with state insurance regulators, staff and leadership of the National Association of Insurance Commissioners (NAIC) here at the NAIC summer meeting.

McRaith also reportedly told the assembly of regulators at the NAIC Commissioners Roundtable that the overdue FIO modernization report could be out in as little as two weeks to perhaps a longer horizon of a month or more, and that although he's an optimist, he has been wrong before, according to attendees.

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Nichole Morford

Nichole Morford
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