The Treasury Department’s Federal Insurance Office announced that it is seeking public comment for its report, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, on how to modernize and improve the country’s insurance regulatory system.
The Federal Register notice seeks comments from policyholders, experts, consumer groups, state insurance regulators, insurance industry representatives and all other interested parties.
Commenters are invited to submit views on, among other things:
- Capital standards and the relationship between capital allocation and liabilities, including standards relating to liquidity and duration risk;
- Consumer protection for insurance products and practices, including gaps in state regulation and access by traditionally underserved communities and consumers, minorities and low-and moderate-income persons to affordable insurance products;
- The degree of national uniformity of state insurance regulation, including the identification of, and methods for addressing, excessive, duplicative or outdated insurance regulation or regulatory licensing process;
- The ability of any potential federal regulation or federal regulator to provide robust consumer protection for policyholders; and
- The potential consequences of subjecting insurance companies to a federal resolution authority.
The Federal Insurance Office monitors all aspects of the insurance industry, including identifying issues contributing to systemic risk. The Federal Insurance Office also monitors the availability and affordability of insurance to traditionally underserved populations; advises the Secretary on major domestic insurance policy issues; and develops and coordinates federal policy on international insurance regulatory matters.
Comments are due by Dec. 16. They should include:
- The data or rationale, including examples, supporting any opinions or conclusions;
- Approaches and options toward improvement or modernization if any; and
- Any specific legislative, administrative or regulatory proposals for carrying out such approaches or options.