Federal Insurance Office Requests Public Comment On Scope of Global Reinsurance Market and Critical Role In Its Support of U.S. Insurance

Today, June 27, 2012, Federal Insurance Office (“FIO”) Director Michael McRaith issued a request for public comment that will be used to create a report on the breadth and scope of the global reinsurance market and the critical role it plays in supporting insurance in the United States.

Required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”), the report is due to Congress on September 30, 2012.

The FIO must receive all public input by August 27, 2012.

Commenters are invited to submit their views on:

• The purpose of reinsurance
• The breadth and scope of the global reinsurance market
• The role that the global reinsurance market plays in supporting insurance in the United States
• The effect of domestic and international regulation on reinsurance in the United States
• The role and impact of government reinsurance programs
• The coordination of reinsurance supervision nationally and internationally
• Any other relevant topics

Early submissions are encouraged.  Interested persons can submit comments electronically through the Federal eRulemaking Portal at http://www.regulations.gov.

Submitted comments will be available at http://www.regulations.gov as submitted, unless modified for technical reasons.

For additional information and submission instructions, click here.

The September 30 report, which fulfills the “Reports on U.S. and the Global Reinsurance Market” provision of Dodd-Frank, is different than the highly discussed and yet-to-be-published “Study and Report on the Regulation of Insurance” that was due in January 2012. 

By January 1, 2013, the FIO must report to Congress on the impact of the reinsurance reforms prescribed by the Nonadmitted and Reinsurance Reform Act of 2010, specifically on the “ability of state regulators to access reinsurance information for companies regulated in their jurisdictions.”  A similar update must be given on January 1, 2015.

Should you have any questions or comments, please contact Colodny Fass.

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