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Property/Casualty Insurance Industry Should Not Be Subject to New Federal Systemic Authority, NAMIC Tells Congress

Property/casualty insurance does not pose a systemic risk and should not be subject to any new federal systemic authority, according to NAMIC. NAMIC testified before the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises today at a hearing titled "System Risk and Insurance." This is likely to be the last hearing before Congress crafts legislation to modernize the financial services regulatory structure.

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