Federal Insurance Office Publishes Fourth Annual Report
Oct 4, 2016
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 annually to the President and Congress on the state of the insurance industry and any other information deemed relevant or requested.
“The findings in this year’s annual report underscore the continued strength, diversity, and competitiveness the U.S. insurance industry demonstrated throughout 2015,” said Michael McRaith, Director of the FIO. “Through effective collaboration both at home and abroad, FIO will continue to work collaboratively to promote a well-regulated insurance marketplace that fosters competition, promotes financial stability, and protects consumers.”
The Report–the fourth annual edition that FIO has released–begins with an overview of the domestic insurance industry that presents and analyzes the financial performance and condition of the key U.S. insurance industry sectors. It also includes an “outlook” section previewing industry financial performance and trends for 2016 based on interim results reported through June 30, 2016.
The Report then addresses a range of domestic developments—at the state, federal, and international levels—over the past year that will or may have implications for the U.S. insurance sector. The international section offers an overview of the progress of Treasury and the Office of the United States Trade Representative regarding a potential covered agreement with the European Union. It also addresses the FIO’s engagement with international standard-setting organizations and stakeholders concerning international matters.
The FIO, which was established within Treasury as part of the Dodd-Frank Act, monitors all aspects of the insurance sector, including identifying issues that could contribute to systemic risk in the insurance industry or the U.S. financial system. It also assesses the availability and affordability of insurance to traditionally underserved populations, advises the Secretary of the Treasury on major domestic insurance policy issues, and represents the United States on prudential aspects of international insurance matters.
A copy of the Report is available here.
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