The Federal Insurance Office has received about 150 comment letters from insurance trade groups containing recommendations on how to modernize the nation's insurance regulatory system, FIO Director Michael McRaith says. The FIO, which will send Congress a report on the issue, is a "significant development" because it will serve as the country's "central, federal point of contact for the international insurance sector and for insurance supervisors from around the world," McRaith says. The office, however, "is not a regulator -- that remains the province of the states," he said.

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