In October of last year, the Federal Insurance Office (FIO) issued a request for commentary on how to modernize health insurance regulations. The commentary period ended in December with the agency receiving more than 150 suggestions on what to do. Now, the FIO is using the comments it has received to help build a report regarding the regulatory system in the U.S. When completed, the report will be given to Congress and used to help plan a course of action for the future.
Michael McRaith, director of the FIO, attended the 16th Annual Property/Casualty Insurance Joint Industry Forum this month in New York City and provided details on how the report would be constructed. McRaith noted that the U.S. regulatory system should be taken in the context of an international marketplace and adopt regulations similar to those seen in other parts of the world. There are many insurance organizations operating in the country, many of which are not native. Regulations akin to those found in Europe, for instance, would help bridge the gap between two regulatory systems and help governments keep an eye on insurers.
McRaith took time to assert that the FIO is not a regulatory authority and exists only to provide consult to the federal government. Regulations are meant to be firmly within the hands of state governments, with auxiliary support coming from the federal government if necessary.