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FIO report on insurance regulations to be issued 'soon': McRaith

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Federal Insurance Office Director Michael McRaith has once again assured lawmakers that a long-delayed federal report on insurance regulatory modernization would be issued “soon.”

Speaking during a hearing on the impact of international regulatory standards on the competitiveness of U.S. insurers before the House Financial Services Committee's Insurance and Housing Subcommittee On Thursday, Mr. McRaith noted that his office had issued its first annual insurance report Wednesday and told lawmakers the regulatory report that was supposed to be released in January 2012 would be issued soon. He added “our hope is this summer.”

During questioning, Mr. McRaith also said that he did not believe that insurers should be subject to bank-centric regulation.

Earlier in the hearing, Rep. Gary Miller, R-Calif., cautioned that the United States “must resist” the tendency to adopt “one-size-fits-all” international regulations on U.S. insurers.

Rep. Ed Royce, R-Calif., said discussion of international insurance regulation “always brings us back” to the lack of uniformity in state insurance regulation.

Rep. Royce, a longtime advocate of optional federal charters for insurers, said that even when states adopt model laws promulgated by the National Association of Insurance Commissioners, the language in the state statutes can vary considerably.