The US Property Casualty Insurers Association (PCI) has urged...
The US Property Casualty Insurers Association (PCIA) has urged US regulators to take a consistent approach to regulation to avoid further probes from federal institutions.
The warning comes as regulators strengthen their investigations into several complex finite reinsurance deals around the world.
The PCIA said: “While there may be a need for increased disclosure requirements that would alert regulators to the types of contracts that may demand closer review, we don't think investigations into such practices by the FBI, SEC and others is an indictment of the state regulatory system.”
It called for a unified approach to regulation.
“The National Association of Insurance Commissioners (NAIC) has the opportunity to take a leadership position and help states to adopt a uniform and consistent approach to this issue,” it said.
“We sincerely hope the NAIC's red tape does not result in the organisation missing the mark and lending further fuel to the calls for additional federal intervention.”
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