Congressman Seeks Treasury Exam of State Insurance Group

U.S. Representative Ed Royce, a California Republican, asked a new federal watchdog to examine the National Association of Insurance Commissioners and determine if the group is overstepping its authority.

The Federal Insurance Office, which was set up within the Treasury Department as part of the Dodd-Frank Act, should study the “nature and scope of NAIC operations” as it recommends how to modernize regulation, Royce said in a letter today to FIO Director Michael McRaith. The group of state insurance commissioners, a private nonprofit, “appears to be engaging in regulatory activity,” Royce wrote.