Lawmaker Seeks Federal Scrutiny Of Private Insurance Group

Law360, New York (July 12, 2012, 8:26 PM EDT) -- U.S. Rep. Ed Royce, R-Calif., on Thursday urged the Federal Insurance Office to put the National Association of Insurance Commissioners under a microscope to determine whether the group is improperly exercising regulatory authority.

The senior member of the House Financial Services Committee sent a letter to Michael McRaith, director of the new Federal Insurance Office, requesting a thorough review of the nature and scope of the NAIC's operations.

Royce has been a frequent critic of the NAIC, an organization that touts itself as a U.S. standard-setting...
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