U.S.-Based Insurers May Soon Generate Over 40 Percent of Revenue From Overseas, Federal Insurance Office Director Tells U.S. House Subcommittee
Nov 18, 2014
U.S.-based insurers are extending operations in emerging markets around the world, and a growing number expect to generate 40 percent or more of revenue from outside the United States in coming years. In addition, many well-known insurers in the United States are subsidiaries of non-U.S. holding companies, Federal Insurance Office Director Michael McRaith explained to the U.S. House of Representatives Housing and Insurance Subcommittee at a Washington, D.C. hearing today, November 18, 2014.
To view the complete text of Director McRaith’s remarks, click here.
Entitled “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II,” the hearing focused on the various international regulatory standards being proposed by the G-20, the Financial Stability Board, the International Association of Insurance Supervisors and other international supervisory authorities.
“By reducing the number of regulatory approaches, reporting requirements, and capital assessment practices, over time the compliance burden for insurers engaged in multinational operations should also decline,” Director McRaith assured legislators.
He was joined by co-panelists Pennsylvania Insurance Commissioner Michael Consedine, U.S. Senator Neil Breslin (NY) and Federal Reserve Division of Banking Supervision and Regulation Senior Advisor Thomas Sullivan.
To view the prepared remarks from each speaker, click on the hyperlinks below:
To view a Congressional memorandum on the hearing, click here.
To access materials, witness statements and a transcript from “Part 1” of the hearing, which took place on June 13, 2013, click here.
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