Rep. Randy Neugebauer, Chair of a Congressional Subcommittee on Housing and Insurance, sent a letter to FIO Director Michael McRaith on July 15, 2013, requesting monthly updates as of August 1, 2013 regarding the FIO’s activities. The letter requested the following information:
- An estimated timeline of the key dates when significant decisions will be made with respect to G-SIIs and ComFrame, such as IAIS and FSB committee or working group meetings or reports;
- A description of the U.S. federal policy positions on key prudential issues under debate at the IAIS including, but not limited to, the methodology for designating G-SIIs and any policy measures to be applied to them, the new requirements in ComFrame, and potential group capital assessments or group capital standards;
- A description of how the FIO has worked collaboratively with state insurance regulators and other U.S. insurance supervisors to finalize and approve U.S. federal policy positions;
- To the extent that the policy positions do not support U.S. state insurance regulatory standards, what cost-benefit analysis has been performed, and to what extent do the policy positions have the support of the U.S. state insurance regulators; and
- How the FIO plans to coordinate agreement on a united U.S. policy position going forward before the critical decision points identified above between the insurance regulators and interested federal entities, including the voting insurance member of Financial Stability Oversight Council (FSOC) and the United States Trade Representatives (USTR).
Neugebauer states in his letter that McRaith’s testimony on June 14, 2013, to the House Subcommittee on Insurance and Housing “highlighted the importance of [the] ongoing discussions” at the IAIS. Neugebauer explains that the requested information will help the subcommittee “better understand our U.S. position and coordination efforts.”