Federal Insurance Office calls for enhanced role in group supervision
Long-awaited report proposes reforms to US state and federal practices
The US federal government should take an expanded role in the supervision of inter-state insurance groups and in international regulatory matters, according to the much-delayed report published by the Federal Insurance Office (FIO).
The report, which is nearly two years late, outlines 18 areas where state supervisors should improve their regulation of insurers and nine areas where direct federal involvement is necessary.
It calls for improved consistency of solvency oversight by state regulators
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