There are no immediate actions insurers need to take in response to the Federal Insurance Office’s report, “How to Modernize and Improve the System of Insurance Regulation in the United States,” released yesterday, says Howard Mills, director and chief advisor of Deloitte’s insurance industry group and former New York State Insurance superintendent. “There is going to be a very slow evolution of regulation, but the environment is going to stay much like it is: state-based,” he said. “The FIO can’t do anything more without congressional action, and that isn’t going to happen anytime soon. The FIO doesn’t have the authority to tell the states what to do. While the content of the report doesn’t represent a threat to the state regulators, it does pose more challenges.”
A number of industry associations issued statements following the release yesterday. While they’ll all say they agree that the regulatory system can be improved, most disagree with the idea of Federal oversight.
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