FIO News

Updated: Federal Insurance Office Seeks Comments on Auto Insurance Affordability

The insurance office within the U.S. Treasury is looking into whether minorities and low and moderate income Americans have access to affordable auto insurance. On April 10, the Federal Insurance Office, citing its authority under the Dodd-Frank act to monitor …

FSOC’s Insurance Expert Woodall Approved As International Regulatory Observer

Roy Woodall, the insurance sector voting member of the Financial Stability Oversight Council, will finally be getting involved in the International Association of Insurance Supervisors (IAIS) but as an observer, not a member, for now. Members, generally supervisors in their …

State v. Federal Regulation Debate a ‘Relic,’ Says FIO Chief McRaith

The state versus federal oversight discussion is a “binary debate” that is a relic of a bygone era, the director of the Federal Insurance Office told lawmakers at a Congressional hearing Tuesday. FIO Director Michael McRaith’s assessment came as House …

Ex-Treasury Official Wolin Urges Federal, State Collaboration to Improve Regulation

To make continued improvements in the U.S. insurance regulatory system, it’s imperative for state and federal officials to work collaboratively and share information and perspectives, said former Deputy Treasury Secretary Neal S. Wolin, who delivered the keynote speech at the …

P/C Industry Supportive But Cautious on Federal Insurance Office Recommendations

Insurers, agents, brokers and state regulators welcome modernization and improvements in the current regulation of insurance, but are not so welcoming of changes that might invite regulation by the federal government. The U.S. Treasury’s Federal Insurance Office (FIO) yesterday released …

Federal Insurance Office Releases Long-Awaited Modernization Report

After nearly two years of delay, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) today released its report on how to modernize and improve the system of insurance regulation in the United States. In its report, the FIO …

Federal Insurance Regulator Releases Annual Report

The U.S. Department of the Treasury’s Federal Insurance Office (FIO) today released its annual report on the insurance industry to the President and Congress. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, FIO must report annually on the …

Treasury Says More Time Needed to Complete FIO’s Modernization Report

The Treasury Department’s Federal Insurance Office was expected to complete and send its highly anticipated report on modernization of insurance regulation to Congress in January. But now, it looks like it may take a while longer. A spokesperson for the …

Report: Illinois Insurance Regulator McRaith in Line to Head U.S. Insurance Office

The Obama administration was expected soon to name an Illinois state insurance regulator to head the new Federal Insurance Office, said sources familiar with the matter Thursday. Michael McRaith, seen as the front-runner for the job, is now head of …

Agent Group Sounds Alarm Over Federal Insurance Study

Congress should refuse to fund a study of insurance regulation that the new Federal Insurance Office is supposed to conduct, an insurance agents’ trade group said. The National Association of Professional Insurance Agents (PIA) also wants Congress to repeal the …