House Insurance Leader Tells FIO To Fight 'Too Big To Fail'

Law360, New York (March 27, 2013, 9:26 PM EDT) -- The top official on the U.S. House insurance committee on Tuesday pressured the Federal Insurance Office to challenge global proposals for designating U.S. insurers as "too big to fail" and adopting what he called a one-size-fits-all regulatory framework for insurers operating internationally.

Rep. Randy Neugebauer, R-Texas, requested a meeting with FIO Director Michael McRaith in a letter outlining his concerns with the International Association of Supervisors' proposal for recommending U.S.-based carriers as systemically important insurers that would be subject to more stringent supervision. The chairman of...
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