Treasury Opposes IAIS Insurance Capital Standard
The Treasury Department on Nov. 14 said it opposed the advancement of a new international capital standard for insurers, despite the U.S. winning concessions applauded by state insurance regulators who have otherwise been highly skeptical of the process. Treasury’s Federal Insurance Office (FIO) has already filed an official objection to the newly approved International Association of Insurance Supervisors (IAIS) insurance capital assessment approach.
Treasury’s objection came after 30 senators urged Secretary Steven Mnuchin to consider opposing the insurance capital standard when it was brought up this week in Abu Dhabi. Certain lawmakers have long pressed U.S. officials to do all they can to fend off foreign regulatory models from influencing the existing state-based system of insurance oversight. PIA supports the Treasury’s action.