The Mortgage Guaranty Insurance (E) Working Group (the “Group”) Spring NAIC Meeting focused on the debate around the NAIC’s latest draft of the Mortgage Guaranty Insurance Model Act (the “Act”).
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Federal Legislative Developments
CT Commissioner Leonardi Speaks out About the FIO Report
By Troutman Pepper Locke on
Connecticut Insurance Commissioner Thomas Leonardi has voiced several concerns about the long overdue (2 years to be exact) Federal Insurance Office (FIO) report, “How to Modernize and Improve the System of Insurance Regulation in the United States” (the “FIO report”). …
Read More CT Commissioner Leonardi Speaks out About the FIO Report
Senate Bill Would Allow Federal Reserve to Exclude Insurers From Dodd-Frank Consolidated Capital Requirements
U.S. Senator Susan Collins (R-Maine) has introduced a bill, S.2012, in an effort to clarify the application of Section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) to insurance companies. Section 171 (codified at 12 U.S.C. 5371) requires insured depository institutions, depository institution holding companies, and nonbank financial companies to maintain certain capital levels on a consolidated basis (i.e., Basel III global capital standards). …
Read More Senate Bill Would Allow Federal Reserve to Exclude Insurers From Dodd-Frank Consolidated Capital Requirements
Insurance Regulators Make a Plea to the United States Senate Banking Committee Regarding Capital Regulations for Insurers
In a letter dated November 10, 2013 (the “Letter”) to the United States Senate Banking Committee (the “Committee”), the National Association of Insurance Commissioners (“NAIC”) showed support for Committee members seeking to address the potential confusion regarding capital and leverage requirements for insurers regulated by the Federal Reserve due to being either considered (1) a thrift holding company, or (2) a systemically important financial institution as designated by the Financial Stability Oversight Council. …
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FIO Weighs in on Financial Captive Reinsurers and the Use of PBR
By Zachary Lerner & Troutman Pepper Locke on
On December 12, 2013, the Federal Insurance Office (the “FIO”) published its long-delayed report entitled “How to Modernize and Improve the System of Insurance Regulation in the United States” (the “Report”). The FIO was required under Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act to issue the Report almost two years ago. …
Read More FIO Weighs in on Financial Captive Reinsurers and the Use of PBR
Highlights From the FIO Report: The Other Shoe Has Dropped
The Federal Insurance Office (FIO) report, “How to Modernize and Improve the System of Insurance Regulation in the United States” (the “Report”), was released on December 12, 2013, nearly two years after it was due under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank).
Read More Highlights From the FIO Report: The Other Shoe Has Dropped
BREAKING NEWS: LONG-AWAITED FIO REPORT IS RELEASED
By Troutman Pepper Locke on
The long-awaited report from the Federal Insurance Office on how to modernize and improve the system of insurance regulation in the U.S. has been released. The Report and related transmittal to Rep. Hensarling can be accessed by clicking here and here, respectively. …
Read More BREAKING NEWS: LONG-AWAITED FIO REPORT IS RELEASED
Industry Groups Lobby Federal Banking Regulators to Revise Proposed Regulations for Private Flood Insurance
On December 2, 2013, a coalition comprised of The R Street Institute, The American Consumer Institute and the National Taxpayers Union (the “Coalition”) sent a letter to the federal banking regulators at the U.S. Office of the Comptroller of the Currency, FDIC, NCUA, Farm Credit Administration and Federal Reserve Board. …
Read More Industry Groups Lobby Federal Banking Regulators to Revise Proposed Regulations for Private Flood Insurance
New York Assembly Passes Bill Prohibiting “Anti-Concurrent Causation” Clauses
The New York State Assembly recently passed a number of bills seeking to amend the state’s insurance laws. Most significantly, Assembly Bill 7455A seeks to amend New York insurance law by prohibiting insurers from using “anti-concurrent causation” clauses in homeowner and commercial insurance policies to preclude coverage for flood claims. …
Read More New York Assembly Passes Bill Prohibiting “Anti-Concurrent Causation” Clauses
FIO Releases Report Regarding Impact of NRRA on Availability of Reinsurers’ Financial Information
On November 6, 2013, the Federal Insurance Office (FIO) released its 2013 Report on the Impact of Part II of the Nonadmitted and Reinsurance Reform Act (NRRA). The purpose of the NRRA, which became effective on July 21, 2011, is to improve the uniformity of state regulation of reinsurance and surplus lines insurance.
Read More FIO Releases Report Regarding Impact of NRRA on Availability of Reinsurers’ Financial Information