It’s tough to be the new kid on the block as the Federal Insurance Office (FIO) is quickly finding out. FIO Director Michael McRaith had an idea and it wasn’t like the idea was bizarre or anything. Simply put – there appears to be a question, if not a problem, with life insurers using special purpose vehicles and captives to offload insurance reserves. The Federal Advisory Committee on Insurance should set up a task force to investigate. This is important enough that the U.S. Treasury …
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