2014 0204 - GOV (House) -The Federal Insurance Office’s Report on Modernizing

  • 2014 0204 - GOV (House) -The Federal Insurance Office’s Report on Modernizing
    •  [PDF-214pVIDEO-YouTube] - <Bonk: mp3, mp4>
    • Mcraith, Leonardi, In background (Ben Nelson, Gary Hughes?)
    • House - Committee on Financial Services - Housing and Insurance
  • Transparency
  • IAIS, IMF, FSAP
  • Supervisory Colleges
  • Federal Reserve insurance knowledge / background
  • (p25 / ) - Mr. STIVERS.
    • I will say, it troubles me that the Fed, with no insurance regulation experience, is now representing us in the international forum.
    • I would rather have seen another State insurance Commissioner who has expertise.
    • That is a personal opinion.
    • And frankly, you have a role there, but I am bothered personally that the Fed, with no experience, is sitting at the table.
    • We don’t need an empty suit at the table.
    • I appreciate the Fed for many things, but I am not sure they add a lot of value at that table.
  • (p25/26) - Mr. MCRAITH (FIO) - The precise and appropriate level of engagement with interested parties is always a question.
    • I heard it as a Commissioner at the NAIC. I heard it in—and we hear this now at the IAIS.
    • I think the model we want is one where the industry, the interested parties are heard.
    • Their views are respected.
    • They are integrated where appropriate.
    • And then standards are developed 
  • (p26) Leonardi (CT Insurance Commissioner) - So I think what we need to do is step back and say again, what is the problem we are trying to solve with this very complex structure?