The National Association of Insurance Commissioners is voicing displeasure with a Financial Stability Board report that said the U.S. state-based insurance regulatory system has no systemic focus and capacity to oversee the industry as a whole. PCI also said it disagreed with conclusions made in the report. "An approach that is designed for banks should not be imposed on insurers, which have very different business models and risk profiles," said PCI's David Snyder. "We must keep in mind that the FSB Peer Review Report was prepared by a global team that may not like our state-based system, not because it is ineffective, but because it is different," Snyder added.
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