Federal Insurance Office a step in 'right direction': Rep. Royce
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WASHINGTON—Establishing the new Federal Insurance Office is a “step in the right direction,” said a longtime advocate of allowing insurers to choose an optional federal charter rather than be regulated by state authorities.
Rep. Ed Royce, R-Calif., told risk managers attending the Risk & Insurance Management Society Inc.’s annual RIMS on the Hill legislative conference Monday evening that to compete internationally, the U.S. insurance industry needs to have a voice at the international level.
“Your industry does not have a seat at the table,” said Rep. Royce, adding that he hoped FIO would help change that.
He praised FIO Director Michael McRaith, a former Illinois director of insurance, as an official who “understands the market.”
Rep. Royce also praised risk managers. “I want you to take a more direct role” in shaping policy, he told risk managers attending the RIMS gathering in Washington.
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