Advertise
Resources
Member, Beacon International Group, Ltd.
WASHINGTONSeven organizationsincluding the Risk & Insurance Management Society Inc. have sent a letter to Treasury Secretary Timothy Geithner concerning the new Federal Insurance Office established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
In the letter dated Wednesday, the groups said that foremost among their concerns is that FIO assume an active and meaningful international role.
“Through the FIO, the U.S. will, for the first time, be able to speak with one voice internationally and effectuate international recognition agreements with foreign nations on prudential insurance measures on an equal footing,” said the letter, which also asks that the office be given sufficient resources and staff to carry out its purpose.
“The federal government is, for the first time in modern history, engaging on insurance and reinsurance matters in a permanent fashion,” the groups said in the letter. “The steps taken in implementing the FIO, both as a matter of structure and policy, will set the tone for its operation for years to come.”
In addition to RIMS, the letter was signed by the American Council of Life Insurers, the American Insurance Assn., the Assn. of Bermuda Insurers & Reinsurers, the Council of Insurance Agents & Brokers, the Financial Services Roundtable and the Reinsurance Assn. of America.