FIO Receives a Nudge from the Financial Services Committee
The Committee urges the Federal Insurance Office to submit its long overdue reports, including those on the insurance industry in general and recommendations to modernize and improve the U.S. regulation.
INN Breaking News, February 15, 2013
In its Oversight Plan submitted to the Committee on Oversight and Government Reform and the Committee on House Administration, the Committee on Financial Services, chaired by Jeb Hensarling (R-Texas) urged the Federal Insurance Office (FIO) to submit “long overdue reports without further delay.” The FIO is more the a year overdue on the release of its first report. Hensarling identifies in the plan a number of reporting deadlines missed by the FIO: on the insurance industry, in general; the breadth and scope of the global reinsurance market; the ability of state regulators to access reinsurance information; and recommendations to modernize and improve the system of insurance regulation in the United States.
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