Category: U.S. Department of the Treasury

  During late December 2016, the Federal Insurance Office issued guidance on Stand-Alone Cyber Liability Insurance Policies Under the Terrorism Risk Insurance Program.  To view the guidance document in its entirety on the Federal Register, click here. The guidance pertains …

Today, December 20, 2016, the Federal Reserve Board announced the designation of the chairs and deputy chairs of the 12 Federal Reserve Banks for 2017. Each Reserve Bank has a nine-member board of directors.  The Board of Governors in Washington, …

  The U.S. Department of the Treasury’s Federal Insurance Office (“FIO”) released its first annual “Report on the Protection of Consumers and Access to Insurance” yesterday, November 21, 2016.  The first-of-its-kind report addresses a range of consumer protection issues that …

  In Notice 2016-66 issued yesterday, November 1, 2016, the U.S. Treasury Department and the Internal Revenue Service (“IRS”) requested feedback from interested parties on how Micro-Captive Insurance Transactions might be addressed in future published guidance.  Comments should be submitted …

  The U.S. Federal Reserve advised today, October 31, 2016, that five federal regulatory agencies are requesting comment on a joint notice of proposed rulemaking to implement provisions of the Biggert-Waters Flood Insurance Reform Act (“Biggert-Waters Act”) that require regulated …

  Members of the two national task forces convened by the Federal Reserve to make payments faster and more secure have begun to review and discuss 19 specific proposals submitted by interested task force members across the payments industry that …

  The U.S. Department of the Treasury’s Federal Insurance Office (“FIO”) released its fourth Annual Report on the Insurance Industry on September 30, 2016.  Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the FIO must report …

  Federal Insurance Office Director Michael McRaith testified before the U.S. House Financial Services Subcommittee on Housing And Insurance at a hearing entitled “The Impact of US-EU Dialogues on U.S. Insurance Markets” today, September 28, 2016.  The hearing examined the process …

  Monitoring the regulatory treatment and transparency of captive reinsurers and their transactions should be a continued focus by state insurance regulators, the Financial Stability Oversight Council said in its 2016 Annual Report released yesterday, September 22.   To view the …

  Joint Statement On U.S.-EU Negotiations For A Bilateral Agreement On Insurance And Reinsurance Measures The U.S. Treasury and European Union released the following joint statement today, July 28, 2016: WASHINGTON – The United States and the European Union today released …