Wednesday, February 16, 2011

Representatives Express Concern Over Unfilled Federal Insurance Posts

Rep. Ed Royce (R-CA), and a bipartisan group of Financial Services Committee members, sent a letter to President Obama and Treasury Secretary Geithner to express concerns that six months after the enactment of the Dodd-Frank regulatory reform bill critical insurance posts remain unfilled.

In an effort to create a dedicated federal knowledge base on insurance matters the Dodd-Frank bill called for a Director of the Federal Insurance Office ("FIO") and an insurance-designee to the Financial Stability Oversight Council (the "Council"). Six months after the enactment of this legislation these critical insurance posts remain unfilled.

The letter stated that the "FIO is essential in ensuring that the U.S. speaks with one voice internationally on insurance issues. With FIO participation, the U.S. will be able to maintain an active federal role within the International Association of Insurance Supervisors, better representing American interests and encouraging international cooperation."

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