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Solvency II.

Solvency II: Federal Insurance Office Director Michael McRaith rejected any application of European Union Solvency II standards on U.S. insurance regulation, while noting ongoing international negotiations seek to help U.S.-domiciled carriers stay competitive in the EU.

"Given the prominence of the United States as an insurance market, and given the long standing nature and success of the U.S. insurance regulatory system, the United States will not submit to the EU's formal Solvency II equivalence process to assess and rule on the adequacy of the U.S. system," said McRaith, a former Illinois insurance commissioner, at a hearing of the U.S. House Financial Services Housing and Insurance subcommittee.

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Title Annotation:Regulatory update
Publication:Best's Review
Date:Nov 1, 2016
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