Insurers Knock Watchdog Report Backing Federal Oversight

Law360, New York (August 30, 2013, 4:11 PM EDT) -- An insurance industry group on Friday expressed "grave concern" about the Financial Stability Board's recent report urging the federal government to take a greater role in regulating insurers.

The Property Casualty Insurers Association of America stuck up for the current state-based system for regulating insurers in response to the global group of financial regulators' peer review, which asked the U.S. to seriously consider handing additional powers and resources to the Federal Insurance Office, an agency created in the wake of the financial crisis.

PCI retorted that...
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