Tag: us insurance regulations.

Federal Reserve requests information from the insurance industry

Nordstrom
industry insurance fraud

Federal agency is asking insurers to provide more data concerning postcrisis capital rules The U.S. Federal Reserve has begun reaching out to the insurance industry in order to obtain more data concerning postcrisis capital rules that could have a major impact on insurance companies. The agency has sent a request for information to 20 insurers. Companies that have received a request for information are considered to be “systematically important” to the country’s overall economy. Companies like American International Group and Prudential Financial Inc. fall within this designation. Data provided by…

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Towers Watson report shows the cost of claims continues to outpace the rise in insurance pricing

Marc

Towers Watson, a global professional services firm, has released a new report showing the rising prices in the commercial insurance industry. The report shows that commercial insurance prices have grown for the second consecutive year by an average of 2%. Property insurance and workers compensation are the two fields where the increases in pricing are most apparent. The property insurance market is being bolstered by a number of natural disasters that occurred throughout the year, which prompted insurers to raise rates and prices for new policies. While prices are rising,…

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Role of the Federal Insurance Office questioned at recent panel hosted by the U.S. Treasury Department

S.Vagus

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…

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