On June 27, 2012, the U.S. Treasury Department’s Federal Insurance Office (the FIO) issued a notice requesting public comments on the global reinsurance market and the regulation of reinsurance (the Notice). Comments are being requested to assist the FIO in completing its report to Congress on the global reinsurance market, as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). A copy of the Notice is available. Comments are due by August 27, 2012.
The FIO, which was created by Dodd-Frank in July 2011, is tasked with monitoring the insurance industry and gathering information, including “identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system.” Dodd-Frank requires that the FIO issue several reports to Congress on the insurance industry, including a report on “the breadth and scope of the global reinsurance market and the critical role such market plays in supporting insurance in the United States.”
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