Senior Vice President of Government Affairs
National Association of Mutual Insurance Companies
“The Treasury’s report undertakes the enormous task of evaluating the regulatory framework for the asset management and insurance industries and assessing whether it adheres to the administration’s core financial regulatory principles. As can be expected from a report of such length and depth, there are many positive recommendations alongside others for which we will need further details in order to assess.
“In general, NAMIC was very encouraged to see Treasury’s strong and clear endorsement of the state-based system of insurance regulation in the U.S. We also welcomed Treasury’s recommendations to: shift away from simply using size as a proxy for systemic risk; reduce federal overreach; refocus a more collaborative Federal Insurance Office; re-evaluate the Department of Housing and Urban Development’s disparate impact rule; and have the federal government make use of information obtained by state regulators and the National Association of Insurance Commissioners rather than issuing duplicative data calls.
“NAMIC has long argued that the federal role in insurance should be limited and respectful of the state-based regulatory structure. Where appropriate, as in international negotiations, the federal government should work with state regulators to promote U.S. regulation and ensure U.S. companies receive fair treatment globally. In the coming days NAMIC will continue to analyze the many policies and recommendations contained in the report, and to determine which would be feasible to implement and provide meaningful benefit for insurers and their policyholders.”