Regulatory Update: First FIO Annual Report / Highlights of Congressional testimony by FIO and NAIC leaders

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The Federal Insurance Office (FIO) released its first Annual Report on the U.S Insurance Industry. The long-awaited report gives overviews of the Life and Health and P&C sectors, and identifies issues and trends affecting the industry, including low interest rates, exposure to natural catastrophes, the aging U.S. population and increased life expectancy, and continued growth potential in Asia and Latin America. The report also reviewed domestic and international regulations, which remain a major concern among industry leaders.

On June 13, 2013, Congress held a hearing to discuss “The Impact of International Regulatory Standards on US Insurers.” Housing and Insurance Subcommittee Chair Randy Neugebauer opened the hearing, which heard testimony from FIO Director Michael McRaith and NAIC CEO Ben Nelson (featured in this report).

In a letter addressed to leaders of the House Subcommittee on Housing and Insurance, the AIA, NAMIC, PCI and The Financial Services Roundtable, also urged Congress to oppose international pressure to reshape U.S. insurance regulations that could put insurers at a competitive disadvantage. The letter voiced concern that politics at the IAIS and the FSB could result in more U.S. companies being classified as global systemically important insurers.

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