At a hearing on the FIO
convened by the Housing and Insurance Subcommittee of the House Financial Services Committee, Rep.
PIA heard from reliable sources that the FIO
report was about to be issued in March, but was abruptly pulled back shortly after Nelson, days into his new post, gave a speech in which he said that the FIO
needed to do "the job it was intended to do, but not our job.
This article explores existing models at the Office of the United States Trade Representative and the Federal Financial Institutions Examination Council (for consideration to potentially establish an interagency commission with members from the NAIC/state insurance regulators, FIO
and the Federal Reserve to create and establish binding agreement on U.
Zaring said the "division of labor" advocated in the FIO
report, might, if implemented, "make it possible for the United States to keep up with its international counterparts in thinking about the stability of insurance companies.
But in its view, the FIO
could be conflicted when it comes to making recommendations to Congress, because a recommendation for a greater federal role in regulating the business of insurance would benefit the FIO
by expanding the power of the FIO
itself--which Congress is on record opposing.
He also congratulated Sami Al Qamzi, director-general of the DED and Fahad Al Gergawi, CEO of the FIO
for their successful endeavours in promoting foreign investment and international co-operation in this realm.
On September 28, FIO
published its 2015 annual report on the state of the insurance industry and related developments.
However, the FIO
should move cautiously in negotiations with international insurance supervisors, many of whom have sought to impose bank-centric regulations on the industry, industry representatives said.
Hamm said he wanted to drill down on the FIO
report's use of the word "engage" about its intended involvement in the colleges.
In the longer term, the FIO
is empowered to enter into agreements with other nations for "prudential measures regarding the business of insurance," and to determine, subject to judicial review, whether some types of state laws are preempted by those agreements.
The studies undertaken by SP Jain Centre of Management have the potential to improve the strategy policy and planning of the FIO
," said Fahad Al Gergawi, CEO of the Foreign Investment Office.
also assesses the availability and affordability of insurance to traditionally underserved populations, advises the Secretary of the Treasury on major domestic insurance policy issues, and represents the United States on prudential aspects of international insurance matters.