Dodd Frank Act News

21 Named to Federal Insurance Advisory Committee

The Treasury Department has named 21 individuals including state regulators, insurance executives, college professors and consumer advocates to serve as members of the Federal Advisory Committee on Insurance (FACI).  The FACI provides advice to the Federal Insurance Office (FIO), which …

AIG, GE Capital Systemic Risk Designations Renewed

The top U.S. regulatory panel tasked with policing the safety of the financial system said on Thursday it is launching a review of potential risks in the asset management industry. But the Financial Stability Oversight Council was unlikely to designate …

How Insurers Would Wind Down If Needed to Avoid Future Bailout

American International Group Inc. and Prudential Financial Inc. told regulators they could divest units and halt policy sales to avoid taking a bailout in a future crisis. AIG, the insurer that repaid a U.S. rescue in 2012, and Prudential, which …

Conn. Gov.: When It Comes to Insurance Regulation, States Are Here to Stay

Speaking at the National Association of Insurance Commissioners’ International Insurance Forum, Connecticut Gov. Dannel P. Malloy told a crowd of U.S. and international regulators and insurance representatives that when it comes to insurance regulation, states are “here are stay” and …

Sen. Collins: Finding the Right Capital Regulations for Insurers

The following a statement by Senator Susan Collins, a former state insurance regulator,  in testimony before the Subcommittee on Financial Institutions and Consumer Protection today on capital requirements for insurance companies. She has authored an amendment to the Dodd-Frank Act …

Dodd-Frank Swaps Rule Could Impact Insurers’ Risk Management, Ratings: S&P

Ratings analysts at Standard & Poor’s say that a Dodd-Frank provision having to do with derivatives could improve insurers’ risk management and have a minor impact on ratings. In response to the financial crisis of 2008, Congress passed the Dodd-Frank …

State Insurance Regulators Invoke Jefferson to Limit Federal Role

State insurance regulators are drawing on the country’s founding principles as they resist international pressure to give the federal government a greater role in overseeing the industry. Ben Nelson, chief executive officer of the National Association of Insurance Commissioners and …

Obama to Meet with Regulators on Dodd-Frank Law Status

President Barack Obama will sit down with the leading U.S. financial market regulators on Monday to discuss their progress in implementing the 2010 Wall Street reform law, the White House said on Sunday. The Dodd-Frank law was passed by the …

Insurers, Customers Were Kept Safe from 2008 Financial Crisis: GAO Report

At a time when efforts are underway to require additional supervision of some large insurers, a new government report concludes that the insurance industry’s own practices and the policies of state and federal regulators successfully shielded most of the $1 …

AIG to Close Down Savings Bank Unit Due to Dodd-Frank Limits

American International Group Inc. will return funds to customers of its banking unit and shut their accounts as the Dodd-Frank Act places limits on insurers with deposit-taking units. AIG Federal Savings Bank “will no longer be servicing retail deposit accounts …