PIA National Meets with Federal Insurance Office Director Michael McRaith

January 13, 2012

On November 29, PIA National met with Federal Insurance Office (FIO) Director Michael McRaith at the U.S. Treasury Department. McRaith requested the meeting to discuss PIA’s views on regulatory modernization priorities. McRaith met with PIA Executive Vice President & CEO Leonard C. Brevik, Senior Vice President Patricia A. Borowski and Assistant Vice President of Federal Affairs Mike Becker. PIA’s comments were on the record and will be included in FIO’s report to Congress.

PIA National is preparing detailed written remarks to be submitted to the FIO. The written comments are due in mid-December. Our comments and ensuing discussion primarily focused in four areas:

  1. That we believe insurance is efficiently regulated by the states and independent agents play a valuable role in serving consumers.
  2. That FIO should support and compliment state regulation of insurance without federal preemption of state laws.
  3. That FIO could help in addressing some of the licensing challenges faced by producers:

a.   support the National Insurance Producer Registry (NIPR) 
b.   Resolve foreign corporation issues

That FIO should ensure the solvency and financial soundness of foreign carriers operating in the U.S. domestic market.

Director McRaith had a number of follow up questions and the exchange was constructive.