U.S. Senate Banking Committee Holds Hearing on the Insurance Industry and Insurance Regulation
The Senate Committee on Banking, Housing and Urban Affairs held a hearing titled "The State of the Insurance Industry and Insurance Regulation."
Witnesses testified on multiple issues regarding insurance regulation. One of them, Board of Governors of the Federal Reserve System ("FRB") Deputy Director of the Division of Banking Supervision and Regulation Mark Van Der Weide (view testimony), explained that the FRB has been "investing significant time" in enhancing its understanding of the insurance industry and the firms it supervises. He also said that the FRB is committed to tailoring its supervisory framework "to the specific business lines, risk profiles, and systemic footprints" of the companies it oversees.
He stated that one of the FRB's main objectives for supervising insurance holding companies is "protecting the safety and soundness of the consolidated firms and their subsidiary depository institutions while mitigating any risks to financial stability."
Other witnesses at the hearing included:
- S. Roy Woodall, Jr. (view testimony), Independent Member with Insurance Expertise at the Financial Stability Oversight Council;
- Michael McRaith (view testimony), Director at the Federal Insurance Office, U.S. Department of the Treasury; and
- Mr. Kevin McCarty (view testimony), Commissioner of the Florida Insurance Department, on behalf of the National Association of Insurance Commissioners.
See: Senate Banking Committee Hearing Information.