PIA National Praises Treasury Comments
PIA is pleased that Treasury Secretary Steve Mnuchin has expressed support for the United States’ system of state-based insurance regulation.
Speaking at an event held by the National Association of Insurance Commissioners (NAIC), Mnuchin said the International Association of Insurance Supervisors (IAIS), which is drafting an international insurance capital standard, should devote greater energy to developing a version of the standard that will be suitable for the United States, where states primarily regulate the insurance industry. Mnuchin’s comments affirmed the Treasury Department’s support for state-based insurance regulation. He said that the final international capital standard should “recognize and accommodate” the variety of methods used for solvency regulation around the world, including the U.S. system.
“PIA is heartened to hear Secretary Mnuchin state specifically that the Treasury Department supports the U.S. system of state-based insurance regulation and wants international insurance capital standards to recognize and accommodate our system,” said PIA National Counsel and Director of Regulatory Affairs Lauren G. Pachman, Esq.