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A.M.BestTV: Congress Grills Federal Insurance Officials on Global Regulation
[November 21, 2014]

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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A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

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