In preparation for its report to Congress, as mandated under the Section 502 the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Insurance Office (FIO) is seeking comments from the public on the global reinsurance market and its role in supporting insurance in the U.S. Comments are due September 30, 2012 and should encompass, inter alia,
- the purpose of reinsurance;
- the breadth and scope of the global reinsurance market;
- the effect of domestic and international regulation on reinsurance in the U.S.;
- the role and impact of government reinsurance programs; and
- the coordination of reinsurance supervision nationally and internationally.
Comments can be submitted electronically through the Federal eRulemaking Portal or via regular mail to the Department of the Treasury, Federal Insurance Office, 1500 Pennsylvania Avenue NW., Washington, DC 20220.
FIO’s report, which was due in January 2012, is expected to provide insight into how the FIO plans to use its authority. Specifically, this report could be instrumental in setting the agenda for possible federal regulation of insurance.