Federal Insurance Office (FIO) News

Biden Administration Seeks Views on Climate Risks in Insurance, Financial Markets

In a season of daunting wildfires and flooding, the Biden administration is taking an initial step to assess how climate change could harm financial markets with the launch of a 75-day comment period on how the impacts could reshape the …

U.S. Treasury Begins Inquiry Into Climate Risks in Insurance

The U.S. Department of the Treasury has announced that the Federal Insurance Office (FIO) is requesting information and soliciting public comment on the insurance sector and climate-related financial risks. FIO said the responses to the request for information will help …

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 …