In its Oversight Plan submitted to the Committee on Oversight and Government Reform and the Committee on House Administration, the Committee on Financial Services, chaired by Jeb Hensarling (R-Texas) urged the Federal Insurance Office (FIO) to submit “long overdue reports without further delay.” The FIO is more the a year overdue on the release of its first report. Hensarling identifies in the plan a number of reporting deadlines missed by the FIO: on the insurance industry, in general; the breadth and scope of the global reinsurance market; the ability of state regulators to access reinsurance information; and recommendations to modernize and improve the system of insurance regulation in the United States.
On Feb. 14, 2013, the Department of the Treasury released Under Secretary for domestic finance Mary Miller’s testimony before the Senate Banking Committee, which included a mention of the FIO’s reports: “FIO will soon release its first annual report on the insurance industry and its report on how to modernize and improve the system of insurance regulation in the United States. FIO is working diligently to release these and several other reports in the coming months.”
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