The U.S. Department of the Treasury’s Federal Insurance Office today submitted to Congress and released a report on how to modernize and improve the system of insurance regulation in the United States.
The 65-page report concludes that insurance regulation in the United States is best viewed in terms of a hybrid model, where state and federal oversight play complementary roles and where the roles are defined in terms of the strengths and opportunities that each brings to improving solvency and market conduct regulation. “Regulation at the federal level would improve uniformity, efficiency, and consistency, and it would address concerns with uniform supervision of insurance firms with national and global activities,” the report states.
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