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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China insurance industry to face major challenges this year, according to Regulatory Commission
China may be home to one of the fastest growing insurance markets on the planet, but Xiang Junbo, chairman of the Chinese Insurance Regulatory Commission, says that the industry is faced with major challenges this year. Last year, Chinese insurers saw return on investment results drop by 3.6%. When coupled with the now notorious natural disasters of 2011, the results have rocked the nation’s insurance industry somewhat. Regulators say that if the coming challenges cannot be overcome, the growth of the insurance market may grow beyond the industry’s ability to…
Read MoreFlorida to join the Interstate insurance Product Compact
Florida may be the latest state to join the Interstate Insurance Product Compact, a program established in 2006 in order to improve consumer protection and hasten the accreditation process for new insurance products. Currently, 41 states have joined the program, all of which have adopted universal standards regarding application procedures concerning life insurance and long-term disability coverage products. The program does not account for health insurance, but Florida legislators may seek to include these products into the program if the state joins. The Insurance Product Regulation Commission, a multi-state agency…
Read MoreConnecticut Insurance Department teams with the German Federal Financial Supervisory Authority to protect consumers
The Connecticut Insurance Department has entered into a new agreement with the German Federal Financial Supervisory Authority in order to better supervise an insurance organization that does business in both Germany and the U.S. The agreement is the second between the two entities in the past three months. Insurance Commissioner Thomas Leonardi believes that ensuring the financial stability of insurance companies is vastly important to the protection of consumers. Regulation, according to Leonardi, is the best way to keep insurers from making costly decisions that could compromise the economy. As…
Read MoreGlobal insurance and banking regulators call for more oversight in the industry
As the world’s economy continues to sputter ever onward, global insurance and banking regulators are setting their sights on financial institutions that provide insurance products. These institutions contributed to the global recession in varying degrees, and regulators now want to ensure that a similar crisis does not form due to lack of oversight. Regulators have drafted a new set of rules that aim to assess whether banks selling insurance products are managing their liquidity and capital levels as they are meant to. The Basel Committee on Banking Supervision, the International…
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