[November 21, 2014] |
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A.M.BestTV: Congress Grills Federal Insurance Officials on Global Regulation
OLDWICK, N.J. --(Business Wire)--
In this A.M.BestTV episode, Thomas Sullivan, the Federal
Reserve Board's senior adviser on insurance and Michael McRaith,
director of the Federal Insurance Office, tell House members that their
work with the International Association of Insurance Supervisors to
develop a global capital standard is being done with the U.S. consumer
in mind.
"Markets are not static. As such, neither should regulations or
supervisory interventions," said Sullivan in a House Subcommittee on
Housing and Insurance hearing earlier this week. "The insurance industry
needs to be constantly evolving."
Many lawmakers on the House panel of U.S. insurance commissioners remain
skeptical of the need for a global capital standard.
During the hearing, Pennsylvania Insurance Commissioner Michael
Consedine said he believes the standards could ultimately make it harder
to create products, and existing ones could see wide price swings.
"We are in the early stages of development, and the best thing we can do
is work together to provide U.S. leadership in the international
standard setting," said McRaith.
Click here to view the entire video program: http://www.ambest.com/v.asp?v=fio1114.
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examines how insurance marketing leaders demonstrate in what way
research, technology, humor and honesty can carry the insurance
message in this 21st century:. http://www.ambest.com/v.asp?v=imas11114.
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NAIC Fall Meeting: U.S. Commissioners Push Back on IAIS: At The
National Association of Insurance Commissioners' annual fall meeting
in the District of Columbia, commissioners say they are concerned with
decisions by international regulators at the International Association
of Insurance Supervisors to close their meetings, and they question
moves to require U.S. companies and regulators to abide by
international capital standards: http://www.ambest.com/v.asp?v=naic11114.
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Insurers Race for Footholds in Expanding ASEAN Market:
Insurance executives at the Association of Southeast Asian Nations
(ASEAN) Summit see enormous potential in the 10 Southeast Asian
countries poised to join as one market; however, they expect
challenges from new competitors and regulatory arrangements, which are
still under development: http://www.ambest.com/v.asp?v=asean1114.
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Re-Creating a Historic East Coast Hurricane Reveals Surprises:
A recent study conducted by Swiss Reinsurance America Corporation
shows that changes in development, density and sea levels would not
only be costly, but potentially more lethal if a hurricane, such as
the one that struck the U.S. East Coast in 1821, were to occur today: http://www.ambest.com/v.asp?v=hurricane1114.
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reports, targeted topics and key developments in the (re)insurance
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View A.M.BestTV episodes at http://www.ambest.tv.
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