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…
Read MoreFederal 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…
Read MoreRole of the Federal Insurance Office questioned at recent panel hosted by the U.S. Treasury Department
As the insurance landscape begins to change and take a new form, the role of the Federal Insurance Office, a federal agency set up after the passing of the Affordable Care Act in 2010, is being questioned. Last week, the U.S. Treasury Department hosted a panel regarding new insurance regulations. At the panel, consumer advocacy groups, legislators and regulators offered their views of the Federal Insurance Office and what role it should play in the future’s insurance industry. The opinions given were varied, with many consumer groups claiming that the…
Read MoreFederal regulators seek public commentary on insurance regulations
The Federal Insurance Office is nearing the end of a lengthy study of current and pending insurance regulations. The study, which was spawned from last year’s Dodd-Frank financial reform bill, will come to an end in January of 2012, at which time federal regulators will release the findings to the public. The results of the study has the insurance industry on the edge of its seat as the study may determine the fate of future regulations that could requires insurers to make vast changes to their business strategies and practices.…
Read MoreTreasury Department wants real life insurance professionals for new committee
The U.S. Treasury Department announced today the creation of a new advisory committee on insurance. The committee will be made up of state regulators and industry officials from all over the country. The Department has issued several notices throughout the U.S. inviting those interested in a position within the committee to apply with the Federal Registrar. The committee is being formed to help the federal government better understand the ramifications of changes made to the existing industry in the country. The plan has garnered support from some of the nation’s…
Read MoreInsurance agents oppose Federal Insurance Office study
Members of The National Association of Professional Insurance Agents (PIA) are unsettled about a federal insurance study. They feel that the study is biased and will not produce accurate results. If the law is based on these inaccuracies, they feel this could be devastating to the insurance industry. Currently, the Federal Insurance Office (FIO) has been called upon to report the potential risks and benefits of federal regulation in the insurance industry. The current authority over insurance belongs to each individual state, preventing the FIO from regulating the insurance industry.…
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