FIO Still Working on Overdue Modernization of Insurance Regulation Report

The Federal Insurance Office is still working on the insurance regulation modernization report that was due to Congress last month, and many in the industry suggest the report could be a critical event.
The new Federal Insurance Office has announced that the eagerly (or perhaps apprehensively) awaited report on insurance regulation modernization is still weeks away. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the FIO was supposed to submit the report to Congress by January 21, 2012.[1]

According to a U.S. Treasury spokesperson quoted by Insurance Journal:
We are hard at work preparing FIO’s first report on how to improve and modernize the system of insurance regulation in the U.S., and expect to send the report to Congress in the coming weeks.[2]
FIO Director Michael McRaith, as reported by Claims Journal, indicated that the FIO had received almost 150 comment letters from the industry with recommendations on how to improve the regulatory system.[3]

Many in the insurance industry are watching the newly-formed FIO with interest, and some suggest that the report could be a critical event for the insurance industry in that it may signal the role that the FIO sees for federal involvement in domestic insurance regulation moving forward.[4]

1Federal Insurance Office Says Overdue Regulation Report Still Weeks Away, Young Ha, Claims Journal, February 6, 2012.
2Federal Insurance Office Says…, id.
3Federal Insurance Office Says…, id.
4Insurance Regulation 2012: Reading the Tea Leaves, Insurance Regulatory Law, Van R. Mayhall, III, January 3, 2012.

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