Government seeks information from insurers regarding terrorism insurance program

commercial business owner industry machine terrorism insurance

Federal government is requesting that insurers submit data concerning the Terrorism Risk Insurance Program The U.S. federal government is requesting information from insurers participating in the Terrorism Risk Insurance Program. The insurance program was established in the wake of the 9/11 terrorist attacks in 2001 and was reauthorized in 2015 through 2020. The program is meant to serve as a financial backstop for insurers, allowing them to effectively mitigate the risks associated with acts of terrorism. While such acts are quite rare in the United States, insurers still face certain…

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Auto insurance bill allows members of the military to keep coverage

servicemembers military USAA Insurance company

Should it become a law, these individuals will be able to maintain their policies when changing states. At the moment, members of the military and their families cannot necessarily carry their auto insurance coverage from one state to the next when they are required to move for their jobs, but a new bill has now been introduced in Congress with the intention of changing that trend. This bill would make it possible for the policies to be kept active when moving from one state to another. The Servicemembers Insurance Relief…

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Auto insurance affordability taken on by FIO

auto insurance premiums FIO

The shiny new Federal Insurance Office is taking its first steps toward vehicle coverage. The Federal Insurance Office (FIO), which has only just recently been created, has now set its sights on the auto insurance sector and it has now announced that it will be taking on the issues of both availability and affordability. The FIO is going to be focusing specifically on the way that a specific group of consumers is being served. According to the announcement from the FIO, it will be starting a study that will look…

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Auto insurance premiums calculations are under the microscope

auto insurance premiums

Insurers and industry groups are seeking to lower rates through the better use of available data. According to the research conducted by consumer groups, the factors that are being used to calculate auto insurance are being used unfairly for that practice, as issues unrelated to driving risk are being given far too much weight. These factors go far beyond the obvious points such as speeding tickets and car accidents. The New York Public Interest Research Group and the Consumer Federation of America have both issued their own separate reports that…

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US insurance industry oversight increase sought by Treasury

US life insurance policy payout ruling

It is looking for a larger role in being able to regulate insurers, particularly in specific sectors. The United States Treasury has now made a call to be able to receive a broader role in overseeing the US insurance industry on a federal level, especially when it comes to areas such as mortgage coverage, the use of personal data for calculating premiums, the collection of the information in the first place, and the employment of secretive “captives” entities by insurers in order to try to keep risks off the books.…

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Catastrophe insurance market recommendations made by RIMS

Insurance News on catastrophe insurance losses

A letter sent to the U.S. Treasury has made a number of natural cat coverage marketplace suggestions. The Risk Management Society (RIMS) has now issued a letter to the United States Treasury in order to share its recommendations regarding potential improvements to the way that the natural catastrophe insurance market operates throughout the country. The organization had been asked to submit this letter as an element of a study conducted by the FIO. The Federal Insurance Office (FIO), a part of the U.S. Department of the Treasury, is performing a…

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Insurance industry report finally delivered by the Federal Insurance Office

Insurance Industry

Federal Insurance Office released long-awaited insurance industry report The U.S. Department of the Treasury‘s Federal Insurance Office has released a highly anticipated report concerning the insurance industry. The report was initially scheduled for release in January of 2012, but this release was delayed in order for the Federal Insurance Office to take better account of emerging trends in the insurance industry and provide better insight on how the industry has evolved over a relatively short period of time. The agency is tasked with providing these types of reports on an…

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Federal Insurance Office anticipated report on modernizing insurance regulations delayed

The Federal Insurance Office was supposed to submit its much anticipated report on the modernization of insurance regulation to Congress in January, but the agency has missed that deadline. The U.S. Treasury Department, which oversees the Federal Insurance Office, claims that there must be more work done on the report before it can be released. This delay could mean that the report will not be released for week or months; news that insurers were not happy to hear. The report is meant to show Congress how the country’s insurance regulations…

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Federal Insurance Office report could have far reaching implications for state-based insurance regulations

The Federal Insurance Office (FIO) is scheduled to release a report at the end of the month that will have a dramatic impact on how insurance regulations are formed in the U.S. The agency, which is part of the Department of Treasury, has been working with insurers, consumer advocates and legal representative to determine how to modernize existing regulations. Insurers are eagerly anticipating the report as it may bring major changes to how the industry operates. The FIO expects that consumers may find favor with the report because it advises…

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Federal Insurance Office receives 150 comments on how to modernize the U.S. health insurance regulatory system

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…

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