US Sets The Stage For Larger Federal Role In Insurance

Law360, New York (December 12, 2013, 9:15 PM EST) -- The Federal Insurance Office's long-awaited modernization report, released Thursday, recommends a modest role for the federal government in insurance regulation, one that will develop gradually and is likely to be most pronounced in the international arena.

The FIO report suggests that the federal government should get involved in setting national standards and supervising insurers, but says that it should step in only where state regulators' powers are limited.

“It certainly embodies a go-slow approach. It recognizes the legitimacy of state-based regulation,” Edwards Wildman Palmer LLP partner...
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