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US legislation: Keeping capitalism under control
03 November 2008
As US insurers look to the next Congress, the big question will be how its shake-up of the financial services industry is going to affect insurers. Meanwhile, the controversial subject of cat cover has not gone away, reports Karen Eeuwens.
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The US might be the land of the free, but – following the meltdown of the world's financial markets – its federal government is calling for tighter control of financial institutions, including insurance companies.
In a report released in March 2008, Blueprint for a Modernized Financial Regulatory Structure, the Treasury Department detailed its plans to bring the US regulatory structure into the 21st century. For the insurance industry this includes the creation of an optional federal charter (OFC), allowing the federal government to license, regulate and supervise insurers, reinsurers and brokers, as well as the set-up of an Office of National Insurance (ONI) within the Treasury to regulate companies operating under the OFC.
In the short term, the Treasury called for Congress to establish a Federal Office of Insurance Oversight, which could immediately begin to deal with international regulatory issues and both international and domestic policy issues. This could then be combined...
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