Debevoise & Plimpton

FIO report on the modernisation of insurance regulation

On 12 December 2013, the Department of the Treasury’s Federal Insurance Office (FIO) published How to Modernize and Improve the System of Insurance Regulation in the United States. The report was required by Title V of the Dodd-Frank Act, which required FIO to ‘conduct a study and submit a report to Congress on how to modernise and improve the system of insurance regulation in the US.’ In the report, FIO asserts the need for meaningful federal involvement: ‘The need for uniformity and the realities of globally active, diversified financial firms compel the conclusion that federal involvement of some kind in insurance regulation is necessary. Regulation at the federal level would improve uniformity, efficiency and consistency and it would address concerns with uniform supervision of insurance firms with national and global activities.’

In mandating the report, Congress highlighted six considerations for FIO that parallel FIO’s general statutory mandates — systemic risk; capital standards; consumer protection; national uniformity; consolidated regulation; and international co-ordination — as well as seven additional factors, including the costs and benefits of federal insurance regulation; the effect that international developments might have on federal regulation; and the consequences of subjecting insurance companies to federal resolution authority. On 17 October 2011, FIO published a notice in the Federal Register asking for input on the statutory factors, and on 9 December 2011 FIO held a conference to solicit views from interested parties…

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