While the Federal Insurance Office (FIO) attempts to begin its work with the release of the office’s first report pending, Rep. Ed Royce (R-Calif.), a senior member of the House Financial Services Committee, sent a letter to FIO Director Michael McRaith seeking more defined jurisdictions for the FIO and the National Association of Insurance Commissioners (NAIC).
The FIO was not expected to include any mention of the NAIC in its long-overdue report; there had been hints of jockeying for authority between the two bodies as well as the Office of the United States Trade Representatives (USTR). By not mentioning the NAIC and not releasing a report that allegedly has the USTR up in arms over verbiage it claims impinges their authority, the FIO has appeared as though it wants to avoid stirring the pot. With this letter, Rep. Royce may have just done the stirring for it.
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