Federal Insurance Office News

U.S. Reports Auto Insurance Unaffordable for Millions; Insurers Call Report ‘Ill-Conceived and Unnecessary’

Nearly 19 million Americans live in areas where auto insurance is unaffordable including a large number in the New York region, according to a first-of-its kind study by the U.S. Treasury Department. The study, conducted by the department’s Federal Insurance …

Treasury Names 9 to Panel on Private Insurance Market for Terrorism Risk

The U.S. Department of the Treasury today announced the appointment of nine people to serve as members of the Advisory Committee on Risk-Sharing Mechanisms (ACRSM) to spur the private market for terrorism insurance. The ACRSM, authorized by the Terrorism Risk …

Feds Seek Unified Approach with Insurers to Cyber Threats

The federal government has the backs of insurers and their clients as they seek to protect themselves from, and adapt to, the fast-evolving threat of cyber attacks, Federal Insurance Office Director Michael McRaith assured an industry crowd last month. “We …

Conn. Urges Feds Not to Preempt States on Reducing Foreign Re Collateral

Connecticut Gov. Dannel P. Malloy, a vocal proponent of state-based insurance regulation in the U.S., sent a letter to U.S. Treasury Secretary Jack Lew and U.S. Trade Representative Michael Froman, urging them not to preempt states’ regulations in reducing collateral …

U.S. Treasury Releases Report on Global Reinsurance Industry

The U.S. Department of the Treasury’s Federal Insurance Office (FIO) has released a report outlining the role the global reinsurance industry plays in the U.S. insurance industry. The report, Breadth and Scope of the Global Reinsurance Market and the Critical …

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 …

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 …

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 …

UPenn Legal Scholar: FIO Report Is ‘Cautiously Sensible’

The Federal Insurance Office (FIO)’s recent report on how to improve and modernize insurance regulation has received a range of reactions since its publication in December. Recently a business law scholar at the University of Pennsylvania also weighed in on …

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 …