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Thursday, February 14, 2013

HFSC Wants FIO's Overdue Reports

The House Financial Service Committee (HFSC) released its oversight plan for the 113th Congress, which includes a request that the Federal Insurance Office (FIO) submit "long overdue reports without further delay."

The overdue FIO reports, which are required to be submitted to Congress under the Dodd-Frank Act, include:
  • a report on actions that preempt state laws under an international insurance agreement;
  • a report on US and global reinsurance markets;
  • a report on the Nonadmitted Reinsurance and Reform Act and a review of state regulators' ability to access reinsurance information; and
  • the highly anticipated report on insurance system modernization, which includes recommendations to improve the current insurance regulatory system.
Sources at the FIO suggest that the insurance modernization report may be released after Jacob Lew is confirmed as the new Treasury secretary. The insurance industry has been awaiting its recommendations since the passage of the Dodd-Frank Act.

The HFSC plan also includes a statement that the Committee is focused on ensuring that the FIO "does not impose unwarranted or excessive data collection burdens on the insurance sector or on small insurers in particular."

The HFSC is holding a hearing today to mark up and adopt the oversight plan.

Read the HFSC oversight plan.