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Thursday, March 14, 2013

McRaith: FIO Reports to be Released by July

Michael McRaith, directory of the Federal Insurance Office (FIO), stated that the FIO's overdue reports on insurance regulation modernization will be released by July.

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.
McRaith made this announcement during a meeting on Wednesday of the Federal Advisory Committee on Insurance (FACI).