Federal Insurance Office Issues Second Annual Report
The office of the Treasury Department known as the Federal Insurance Office, or FIO, released its second 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.
The report begins with an overview of the insurance industry that presents and analyzes the financial performance and condition of the key U.S. insurance industry sectors. This section also includes analysis of insurance industry capital markets activity, the continuing importance of non-U.S. reinsurers, and the expanding role of alternative risk transfer mechanisms such as insurance-linked securities.
In addition, the report includes a section focusing on matters of consumer protection and access to insurance, including affordability of personal auto insurance; portability of auto insurance for service members; force-placed insurance for homeowners; and topics concerning life insurance and annuities. Finally, the report addresses a range of regulatory developments—at the state, federal, and international levels—which have occurred or progressed over the past year, and which have implications for the U.S. insurance sector.
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