Title V

The current state-based system of insurance regulation is inefficient and burdensome, according to a long-awaited report mandated by the Dodd-Frank Act. The report, released last month by the Federal Insurance Office (FIO), concludes that policymakers should consider steps to involve the federal government in the state-based system. The FIO, which was created under Title V of Dodd-Frank, said states should take several steps to modernize insurance regulation. The report also said Congress should step in if the states fail to make needed improvements.

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The Financial Stability Board, an international body tasked with crafting regulatory policies intended to promote the health of the global financial system, urged U.S. authorities to give the federal government greater power to supervise the insurance industry. The suggestion was among several the FSB made in a report critiquing U.S financial reform efforts. Read on for the details. Read on »

A key U.S. House committee plans to scrutinize regulators’ efforts to implement the Dodd-Frank Act over the next two years. The House Financial Services Committee oversight plan for the 113th Congress indicated lawmakers will keep close watch on the new agencies created under the act, including the Consumer Financial Protection Bureau, the Financial Stability Oversight Council and the Federal Insurance Office. Read on to learn about the committee’s other areas of focus. Read on »

Hailed by some, vilified by others, the Dodd-Frank Act turns two on July 21. In a three-part series, Dodd Frank Update takes an in-depth look at the act, where we’ve been and where we’re going. Read on to learn about regulators’ early efforts to implement key provisions of the act, including the creation of the Consumer Financial Protection Bureau. Read on »

A bill intended to align California law with Dodd-Frank’s reinsurance provisions advanced in the state legislature. Proponents say the measure would provide the state insurance commissioner with the authority and regulatory tools necessary to oversee new activities in the business of reinsurance. Read on to learn about the legislation. Read on »

The Department of the Treasury appointed 15 people to serve as members of the Federal Advisory Committee on Insurance. The committee will advise the Treasury's Federal Insurance Office. Read on to learn about the appointees. Read on »

The person at the head of the Federal Insurance Office says the new agency is already helping to shape insurance regulatory policy at the national and international levels. Read on to learn more about the FIO's recent efforts. Read on »

An industry association released a new white paper that examines whether the taxation and regulation provisions of the Nonadmitted and Reinsurance Reform Act affect captive insurance. Read on to learn why the paper's authors said Congress may need to take further action on the issue of nonadmitted insurance. Read on »

The financial crisis and the failure of American International Group exposed problems with the nation's approach to insurance regulation. While the Dodd-Frank Act responded to some of those issues, experts who testified at a recent U.S. Senate subcommittee hearing said the convergence of insurance and other financial services products continues to complicate regulatory issues. Read on »

Representatives from an array of insurance groups met on Capitol Hill to discuss concerns regarding the insurance industry and its regulatory challenges. Read on to hear what some had to say. Read on »