The domestic insurance market would be competitive and insurers could expect a level playing field overseas with an effective Federal Insurance Office, said Rep. Ed Royce, R-Calif. Regulatory debates over insurance "always bring us back to the lack of uniformity in the state-based system -- even on issues most of us agree on, such as solvency, producer licensing and product approval," Royce said at a House Financial Services Committee hearing. The FIO is needed so that federal regulators will better understand the industry, Royce said, adding that he thinks the National Association of Insurance Commissioners lacks transparency in crafting policies.

Related Summaries