The U.S. Treasury Department made a series of recommendations in its recent report including highlighting opportunities for insurance regulatory reform.
Dodd-Frank does not include many of the details that are defined for the other voting members of FSOC, including anything on the Independent Member’s specific duties.
The legislation would create a new office that would be both less powerful, and in some ways more independent, than the two entities it would succeed.
If an agreement is reached, it would mark the first time a federal government entity has negotiated one or more provisions that preempt state insurance measures.
Insurance is fundamentally different from banking. Each has its own specific models and practices, risk profiles, risk-management strategies, and regulatory regimes.
EU officials will soon make several decisions whether to grant U.S. insurance regulation “equivalence” with the EU’s new insurance regulatory and capital regime.
The testimony may place special emphasis on emerging threats that have been in the news recently, most notably cybersecurity and international concerns.
BPC announced the launch of an insurance task force to assess the impact of new rules and identify ways to improve and modernize insurance oversight.