The Director of the Federal Insurance Office, Michael McRaith, is calling for the submission of information regarding natural catastrophes and insurance for a report to be submitted to Congress, an FIO report mandated by the Biggert-Waters Flood Insurance Reform Act of 2012.
The comments and information must be submitted for consideration on or before June 24, 2013.
According to the notice from the Treasury, “the [Biggert-Waters] Act requires the Director of the FIO to conduct a study and submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report ‘providing an assessment of the current state of the market for natural catastrophe insurance in the United States.’”
In conducting the study and issuing the report, McRaith may consult with the National Academy of Sciences, State insurance regulators, consumer organizations, representatives of the insurance and reinsurance industry, policyholders, and other organizations and experts, as appropriate, according to the notice from the Treasury, which was issued to “to elicit comment from these persons, groups and the public, to assist FIO with the study and the report.
Comments and papers maybe submitted electronically through the Federal eRulemaking Portal, or by mail (the notice specifies that “if hard copy, preferably an original and two copies”) to the Federal Insurance Office. Comments received will also be posted to the eRulemaking Portal—including personal and business information included.
In the notice, McRaith included the following solicitation for information:
“The FIO also calls for the submission of papers containing empirical or non-empirical analyses or evaluations of natural catastrophes and the current state of the market for insurance for natural catastrophe perils in the United States. The FIO seeks papers either recently completed or those that will be completed prior to close of the Report. We encourage contributions by researchers from academia, States and State agencies, business organizations, insurance trade and professional associations, research consulting firms, and other organizations and experts. Possible topics may include but are not limited to topics that may be addressed in the Report.”
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