U.S. Treasury’s Federal Insurance Office Releases First Annual Consumer Report
Nov 22, 2016
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 are critical to the functioning of a stable and fair insurance marketplace.
“Insurance is a key component of financial security for Americans, and the United States has a national interest in promoting fairness, affordability and accessibility in personal and commercial insurance products,” said FIO Director Michael McRaith. “This report highlights certain gaps and inconsistencies in insurance consumer protections, and recommends for each a meaningful path forward.”
The report is organized around five broad themes that commonly recur in discussions of insurance and consumer protection: insurance and technology; environmental hazards and insurance; fairness in insurance practices; fairness in state insurance standards; and retirement and related issues.
The Report also highlights gaps and inconsistencies in state insurance consumer protections and recommends a path forward in each instance. It is also intended to serve an educational function, emphasizing significant issues for consumers’ attention and providing a resource for further exploration of the topics presented. Due to the breadth of insurance products, benefits, laws, and regulations, and the range of variance among the U.S. states, the Report does not address every significant consumer-related insurance issue.
The Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the FIO to monitor all aspects of the insurance industry, including the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income persons have access to affordable insurance products (except health insurance).
A copy of the Report is available here.
For more information on FIO visit www.treasury.gov/initiatives/fio.
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