Senate Banking Considers Insurance Risk, Reach
Chairman Brown (D-OH) convened a hearing today focused on the insurance industry largely focusing on the extent to which private-equity takeovers endanger insurance solvency and threaten pensioners following risk transfers. Republicans generally denied any concerns but joined the chairman in urging U.S. agencies to play an active role in IAIS and decline to join global standards adverse to U.S. interests. Sen. Van Hollen (D-MD) also raised the issue of insurance-industry reliance on the Home Loan Banks, but a witness representing the NAIC and the head of the Federal Insurance Office took no stand on any concerns here. Senators also addressed insurance discrimination, reparations, cyber risk coverage, and climate hazards, but no legislation in any of these arenas was advanced.