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Friday, June 14, 2013

Royce: Congress Must Empower FIO to Encourage Competition and Level Playing Field

At yesterday's House Financial Services Subcommittee hearing entitled "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers," Rep. Ed Royce (R-CA) spoke about the need to empower the Federal Insurance Office (FIO) to encourage healthy competition at home and a level playing field for U.S. insurers abroad.

In his opening statement, Rep. Royce stated that both the Bush and Obama administrations recognized a "need for a lead negotiator in the promotion of international insurance policy for the United States" and that the "lack of a federal entity with responsibility and expertize for insurance has hampered our nation's interest in engaging internationally."

Watch a video of Rep. Royce's opening statement.

Learn more from Rep. Royce.