The state versus federal oversight discussion is a “binary debate” that is a relic of a bygone era, the director of the Federal Insurance Office told lawmakers at a Congressional hearing Tuesday.
FIO Director Michael McRaith’s assessment came as House lawmakers pressed him on the next steps that FIO might take toward federalizing regulation of the insurance industry.
In contrast to previous eras, the world of insurance today is vast, complex, diverse and global, McRaith said.
It is “not as it was, or as one might wish it were,” he said.
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