The U.S. government is being asked to support a new measure before the U.N. that would separate banks and insurance companies from the Financial Stability Board’s efforts to overhaul the international banking system. Several insurance company trade groups have been partitioning President Obama to join other G20 leaders in these efforts, hoping that the added support will affect the measure toward their goals. Insurers are concerned with this issue because one set of regulations is being used to govern both banking institutions and insurance companies. Given the recent failings of…
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Treasury Department wants real life insurance professionals for new committee
The U.S. Treasury Department announced today the creation of a new advisory committee on insurance. The committee will be made up of state regulators and industry officials from all over the country. The Department has issued several notices throughout the U.S. inviting those interested in a position within the committee to apply with the Federal Registrar. The committee is being formed to help the federal government better understand the ramifications of changes made to the existing industry in the country. The plan has garnered support from some of the nation’s…
Read MoreInsurance companies ask for more time
Insurance companies are asking President Obama and his administration to slow down with their up and coming decision on if the industry, along with non-banking financial companies, warrant further scrutiny. The administration is eyeballing the market as being deemed as a potential risk to the financial standing of the country, along with banks, and should be put to higher standards in hopes to avoid the same financial meltdown of 2008. According to the insurance industry, they would like the Treasury Department to hold the finalization of these rules and wait for…
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