Recap: Senate Banking Examines Insurance Issues
September 19, 2022
A September 8 Senate Banking hearing covered a number of issues in the insurance industry, including private equity-owned insurers, pandemic risk insurance, and flood insurance. The hearing included witnesses from NAIC and Treasury’s Federal Insurance Office (FIO).
Why it matters: Insurance companies are largely regulated at the state level, but policymakers have pointed to private equity ownership as increasing systemic risk. That could spur federal action or intervention.
What they're saying: Chairman Sherrod Brown (D-OH) outlined his concerns in his opening statement: