H.R. 4173, The Dodd- Frank Wall Street Reform and Consumer Protection Act, is a few strokes of the pen away from being law after the Senate today passed the landmark legislation by a margin of 60-39.
While the broad restructuring of the rules under which financial services operate was aimed more at banks, there remain some large consequences for insurers. The most obvious manifestation of this is the Federal Insurance Office, which is housed in the Treasury Department, and tasked with negotiating international insurance compacts, but is superceded by state regulators in regulatory matters. Insurers also are largely exempted from new rules targeting systemically risky firms, the use of derivatives and the purview of the new Consumer Financial Protection Agency.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access