NAIC warns against Federal Insurance Office 'mission creep'

Ben Nelson at the NAIC

The Federal Insurance Office (FIO) has no place in the supervision of insurance companies and is potentially overstepping the bounds of the Dodd-Frank Act in its role as international spokesman for the domestic industry, the chief executive of the National Association of Insurance Commissioners (NAIC) is warning.

The NAIC has long argued that the FIO has no statutory regulatory authority and cannot claim to represent US insurance regulators.

But recent interventions by the FIO on insurers' use

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