The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
5/5/2020 Treasury’s Federal Insurance Office Releases Third Annual Report U.S. DEPARTMENT OF THE TREASURY Press Center Treasury’s Federal Insurance Office Releases Third Annual Report 9/28/2015 New FIO Report Highlights Key Developments Across the Insurance Industry WASHINGTON – The U.S. Department of the Treasury’s Federal Insurance Office (FIO) today released its third Annual Report on the Insurance Industry. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, FIO must report annually to the President and Congress on the state of the insurance industry and any other information deemed relevant or requested. “As this year’s report makes clear, the United States continues to have the most diverse and competitive insurance market in the world,” said Michael McRaith, Director of the FIO. “From small mutual companies in rural counties to massive firms with global reach, U.S. insurers remained a key participant in the U.S. economy in the last year.” The Report, the third annual report that FIO has released, begins with an overview and analysis of the financial performance and condition of the key U.S. insurance industry sectors, including the life and health (L/H) sector and the property and casualty (P/C) sector. It also includes an examination of the risk that continued low interest rates could pose to the life insurance sector, as well as a review of insurance industry capital markets activities, including the use of alternative risk-transfer mechanisms. The Report then address a cross-section of issues related to matters of consumer protection and access to insurance, including developments related to marital status as a rating and underwriting factor, natural catastrophe insurance, and retirement security. The Report also highlights a range of recent regulatory developments which have implications for the U.S. insurance sector. The international section then touches on recent developments at the International Association of Insurance Supervisors (IAIS), and also summarizes progress of the EU-U.S. Insurance Project. The Report concludes with a status update on recommendations to modernize and improve the U.S. system of insurance regulation, as described in the 2013 Modernization Report. 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 . For more information on FIO visit www.treasury.gov/initiatives/fio. ### https://www.treasury.gov/press-center/press-releases/Pages/jl0184.aspx 1/2 5/5/2020 Treasury’s Federal Insurance Office Releases Third Annual Report https://www.treasury.gov/press-center/press-releases/Pages/jl0184.aspx 2/2
@FedFRASER