Filed Under:Your Practice, Regulatory

International group blasts U.S. insurer regs

Suggests migrating towards a more federal and streamlined structure

The FSB says the U.S. insurance regulatory system is in a state of major disrepair.
The FSB says the U.S. insurance regulatory system is in a state of major disrepair.

The U.S. insurance regulatory system is in a state of major disrepair, an international body that monitors and makes recommendations about the global financial system said today in a new report.

The so-called “peer review” of the U.S. insurance regulatory system by the Financial Stability Board (FSB) said one option the country should strongly consider is “migrating towards a more federal and streamlined structure” as a means of “achieving greater regulatory uniformity.”

Given the current political barriers to imposing a more unified system, the report implied that, at the very least, states should implement changes to those state laws that empower insurance regulators so that regulatory agencies can improve rule-making powers and bolster departments of insurance with better funding and staffing.

Specifically, the report said that governors should allocate money to insurance departments so they can hire technical specialists able to adequately monitor new regulatory standards, such as principles-based reporting.

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Nichole Morford

Nichole Morford
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