Federal Insurance Office (FIO) News

Ohio Director Froment Named to Federal Insurance Advisory Committee

Ohio Department of Insurance reported that Director Jillian Froment has been appointed to serve on the Federal Advisory Committee on Insurance (FACI). The committee provides advice and recommendations to the Federal Insurance Office (FIO). FACI was established in 2011 to …

Congress Could Shrink Federal Insurance Office

Congressional efforts to curtail the federal government’s involvement in insurance regulation continue this week as a House panel is scheduled to consider a measure to trim the sails of the Federal Insurance Office (FIO). Rep. Sean Duffy, R-Wisc., chairman of …

Insurers Push to Keep Industry Expert Woodall on U.S. Regulatory Council

With no sign of a replacement in the works, the U.S. insurance industry is pushing to prevent the departure of a key figure on the federal body that determines how large insurance companies are regulated. Roy Woodall, the sole independent …

Federal Insurance Chief McRaith Leaving Post on Jan. 20

Michael McRaith, who has served as director the Federal Insurance Office since its creation in 2011, is resigning his post as of Jan. 20. as the Trump Administration begins. McRaith announced his plan to leave the agency during a Jan. …

Fitch Sees Large Insurers Gaining from Trump Deregulation

Broad financial industry deregulation under the Trump administration would ease regulatory burdens for large U.S. insurance companies while macroeconomic trends resulting from shifting global and economic policies could have a significant impact on profitability, premium growth and investment performance, according …

Industry Balks as Treasury Adopts 2% Formula for Defining Auto Insurance Affordability

If the average auto insurance liability premium paid by consumers in minority and low-income neighborhoods is more than 2 percent of the median income in those neighborhoods, the auto insurance will be considered unaffordable, under a new index being adopted …

U.S. Treasury Seeks Terrorism Data from Insurers

The U.S. Department of the Treasury’s Federal Insurance Office (FIO) is requesting that insurers voluntarily submit insurance data regarding their participation in the Terrorism Risk Insurance Program (TRIP). The Terrorism Risk Insurance Program Reauthorization Act of 2015 requires the Treasury …

The Struggle Getting U.S. Regulators to Understand Insurance

The designation of MetLife as a systemically important financial institution by the Financial Stability Oversight Council is a done deal. But exactly what that means in terms of higher regulatory standards is still not clear. Those details could come this …

Treasury Names 12 to Federal Insurance Advisory Committee

The U.S. Department of the Treasury has named 12 individuals including several insurance industry executives, a professor, a consumer advocate and six state regulators to serve on the Federal Advisory Committee on Insurance (FACI). The FACI was established to provide …