Insurance regulation in the US remains complex and fragmented despite recent reforms, according to an International Monetary Fund report.

While supervision was strengthened after the global financial crisis, the study suggests further change is needed.

“There are differences between state insurance regulators and between state and federal regulators, in both regulation and supervision.

“The current regulatory architecture lacks capacity to fully address these issues. The authorities should review the options for change.”

The report says strengthening the Federal Insurance Office should be considered to bring uniform standards of regulation and supervision, plus comprehensive market oversight.