Florida insurance commissioner Kevin McCarty has testified before Congress on behalf of the National Association of Insurance Commissioners (NAIC) regarding the need to coordinate insurance policy to protect US policyholders and benefit its markets and companies.
The hearing was held by the US Senate Committee on Banking, Housing, and Urban Affairs.
“While we are committed to collaborating with our federal and foreign counterparts where we can, we have a responsibility to the US insurance sector,” said McCarty.
“We will not implement any international standard that is inconsistent with our time-tested solvency regime that puts policyholders first.”
McCarty’s testimony specifically addressed concerns regarding domestic and global capital rules for insurers.
He added: “Capital requirements are important, but if imposed incorrectly or without regard to difference in products and institutions, they can be onerous to companies, harmful to policyholders and may even encourage new risk-taking in the insurance industry.”
McCarty will return to Capitol Hill in order to testify before the US House Financial Services Subcommittee on Housing and Insurance.
That hearing will focus on international regulatory standard-setting. McCarty’s remarks will cover how US regulators are working internationally to strengthen open and competitive insurance markets globally, while protecting US interests.
