Legal Alert: Federal Insurance Office Requests Comments on the Global Reinsurance Market

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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.”

Please see full alert below for more information.

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Published In: Administrative Agency Updates, Finance & Banking Updates, Insurance Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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