Lew confirmation could clear FIO report release
February 28, 2013 by Elizabeth D. Festa and Arthur D. Postal
The confirmation of Jacob Lew as secretary of the Treasury late Wednesday clears the way for action on several issues critical to the insurance industry, including release of the long-delayed report on administration proposals for modernization of industry regulation.
At a hearing Wednesday, Rep. Gary Miller, R-Calif., vice chairman of the House Financial Services Committee, told Federal Reserve Board chairman Ben Bernanke that, “There’s a tremendous amount of havoc in that [insurance] industry today because of what they don’t know [about federal regulatory initiatives].”
What Miller was talking about are capital standards for insurers who operate thrifts as well as action by the Financial Stability Oversight Council (FSOC) on designation of the first nonbanks as systemically important financial institutions (SIFI). Click here to read…
