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NEW YORK—The Risk & Insurance Management Society Inc. has submitted an official comment letter to the U.S. Department of the Treasury emphasizing the society’s support of more uniform and national insurance regulations.
“With a state-by-state patchwork of laws related to producer licensing and forms and procedures, additional costs are commonly incurred by consumers; inefficiencies have become more profound, raising questions about fundamental fairness in the insurance market,” RIMS President Scott B. Clark, risk and benefits officer at Miami-Dade County Public Schools, said in a statement regarding its letter.
In the letter, submitted at the Treasury Department’s request, RIMS asked that a report that the director of the Federal Insurance Office is to submit to Congress advocate for greater regulatory uniformity through congressional action stressing Congress’ intent that the states adopt national insurance regulatory standards.
RIMS also suggested that the lack of uniformity among states in licensing requirements, new product entry and terms and conditions creates significant barriers to entering the U.S. insurance market.
The society also suggested that in the case of subsidiaries of international insurance groups, credit should be given for capital held at the subsidiary level, and that capital requirements be the same for domestic and international insurers and subsidiaries.