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.”
In the oversight plan, Hensarling says the “Committee will work to ensure that the FIO is focused on developing expertise on insurance matters and does not impose unwarranted or excessive data collection burdens on the insurance sector or on small insurers in particular. The Committee will also monitor implementation of the FIO’s authority to coordinate policy and represent the U.S. on international insurance issues, paying particular attention to FIO’s role in addressing a number of substantive and procedural concerns surrounding the International Association of Insurance Supervisors’ methodology for designating global systemically important insurers.”
To see the full Oversight Plan, which also includes action items for National Flood Insurance Program, the Terrorism Risk Insurance Program and the Impact of Dodd-Frank Act Implementation on the Insurance Sector, click here.
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