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Thursday, February 6, 2014

Summary of the House hearing on the FIO's Insurance Modernization Report

By: ABIA Outside Counsel Adam D. Maarec, McIntyre & Lemon, PLLC

Earlier this week the House Financial Services Housing and Insurance Subcommittee, chaired by Rep. Neugebauer, held a hearing to examine the Federal Insurance Office’s report, How to Modernize and Improve the System of Insurance Regulation in the United States.

The chairman and several other members on both sides of the aisle acknowledged the need to reduce costs imposed by the multi-state regulatory system. Chairman Neugebauer criticized the agency for going beyond its statutory mandate by recommending federal oversight of mortgage insurance.

Download the ABIA-members only summary of the Hearing. 

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