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
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(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. 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?