Filed Under:Your Practice, Regulatory

Leonardi, NAIC slam FSB report on U.S. insurance system

The FSB is promoting a system that has failed over one that has withstood the test of time, U.S. regulator says

Connecticut Commissioner Tom Leonardi, courtesy NAIC
Connecticut Commissioner Tom Leonardi, courtesy NAIC

The National Association of Insurance Commissioners (NAIC) is taking deep offense to the latest perceived blow by the Financial Stability Board (FSB) to the U.S. system of insurance regulation.

The FSB's critical peer review of the United States, focusing on the state of insurance supervision, was released earlier this week

"The U.S. authorities should carefully consider and provide recommendations to Congress as to whether migration towards a more federal and streamlined structure may be a more effective means of achieving greater regulatory uniformity,” the report stated. Insurance regulators said they got a heads up on the report only a day before it was released to the public, and while the NAIC summer meeting was in session, Aug. 26.

“Moreover, the FIO’s current human resources may need to be augmented to fully address the tasks that it has been mandated under DFA. The FIO should also enhance its monitoring of the insurance sector through greater use of non-public information that it is able to access, and be given more resources and powers to be able to address issues and gaps that it identifies," the report stated. It raised eyebrows among some in the insurance sector for the strength of its language, whether they agreed with it or not, and by the fact that an international body was basically telling a U.S. agency, the Treasury, to staff up. 

Featured Video

Most Recent Videos

Prospects not listening to voice mail? Arrange a phone date

Provided by LIFEHEALTHPRO

Redesigning your phone life is more important than finding the “best words” for a voice mail in today’s culture.

Behind the scenes with Vicki Gunvalson [VIDEO]

Provided by LIFEHEALTHPRO

In this exclusive interview, Vicki Gunvalson shares how she built a $15 million a year annuity business by planning for...

Regulator: Market may need to reinvent LTCI

Provided by LIFEHEALTHPRO

Cioppa says Maine's governor wants to spur the creation of better products.

Dementia: It's more than Alzheimer's

Provided by LIFEHEALTHPRO

An association calls for policymakers to remember lesser-known neurodegenerative conditions.

Related resources

More Resources

Comments

Power your business with up-to-the-minute insurance news, analysis, and best practices from LifeHealthPro Daily eNewsletter – FREE.

Power your business with LifeHealthPro Daily eNewsletter – FREE.

Enter a valid email address.
Close
Nichole Morford

Nichole Morford
Managing Editor

Thank you for subscribing to LifeHealthPro Daily!

Check Out More eNewsletters Now! Close

Advertisement. Closing in 15 seconds.