USA - Insurance Regulation Belongs to the 50 States
Friday, 04 29 2016, Category: Insurance and Reinsurance, Country: United States
In “Why We’re Reviewing Asset Management” (April 20), Treasury Secretary Jack Lew says that those who cheer the recent court decision to rescind MetLife’s designation as systemically important are “opponents of financial reform.” However, there are some critical pieces of the puzzle missing regarding insurers and the Financial Stability Oversight Council (FSOC) process.
The FSOC was created by Congress to identify systemic risk and protect consumers. One major shortcoming of FSOC is its failure to recognize the state insurance regulatory system. There is only one independent insurance voting member on FSOC, and he vigorously dissented from sweeping insurers into this federal regulatory net.
Source: The Wall Street Journal