Federal Insurance Office News

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 …

MMC’s Duperreault Named Chairman of Federal Advisory Committee

Marsh & McLennan Companies’ CEO Brian Duperreault has been named chairman of the Federal Advisory Committee on Insurance (FACI). His appointment was confirmed last Friday by Federal Insurance Office (FIO) Director Michael McRaith at the committee’s first meeting.FACI was formed …

U.S. Treasury’s Geithner Put on Spot for Delayed Insurance Report

A Republican Congresswoman took an opportunity during a hearing on Tuesday to ask U.S. Treasury Secretary Timothy Geithner why the Federal Insurance Office is late with its report on modernizing insurance regulation. The inquiry came from seven-term U.S. Rep. Judy …

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 …

FIO’s McRaith: 150 Comments Received on Modernizing Insurance Regulation

Speaking at an industry conference yesterday, the Federal Insurance Office’s top official gave an update on his department’s upcoming report on the U.S. insurance regulatory system. FIO Director Michael McRaith said he has received close to 150 comment letters from …

Treasury Seeks Comments on Improving Insurance Regulation

The U.S. Treasury Department’s Federal Insurance Office is seeking public comment for its report on how to improve the country’s insurance regulatory system. The study is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The study aims …

Treasury to Name Federal Insurance Advisory Committee

The Treasury Department has announced it will create a Federal Advisory Committee on Insurance. The committee will provide advice to the new Federal Insurance Office (FIO) and the Treasury Department, including to the FIO director who is a member of …

Insurers Seek Delay in Financial Rules Until Insurance Posts Filled

The insurance industry is asking the Obama Administration to slow down on rules for deciding whether insurers and other nonbank financial companies should be subject to extra scrutiny because they pose a systemic risk to the country’s financial stability. The …

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 …