House Appropriators Direct FIO to Examine Impact of Non-Driving-Related Factors on Affordability

July 20, 2020 The Financial Services and General Government Appropriations Subcommittee voted to direct the Federal Insurance Office “to examine the impact of non-driving related factors, such as a consumer’s credit history, homeownership status... Read more

ICYMI: 2019 FIO Annual Report Released

October 21, 2019 The U.S. Department of Treasury Federal Insurance Office published its 2019 Annual Report. The report is divided into five categories... Read more

FACI Meeting Touches on Protection Gaps, Availability of Products, and FIO’s International Work

September 30, 2019 The Treasury Department’s Federal Advisory Committee on Insurance convened Sept. 23 for a meeting at which it was provided updates from its three subcommittees and Federal Insurance Office Director Steven Seitz. Seitz’s update touched on... Read more

NAMIC Hails Heck-Budd Bill to Protect State Insurance Regulation

September 27, 2019 The National Association of Mutual Insurance Companies applauded the introduction of legislation to protect state-based insurance regulation from being undermined by international regulatory standard-setting bodies. The International Insurance... Read more

Senate Appropriations Committee Advances FY2020 Financial Services Spending Bill

September 23, 2019 The Senate Appropriations Committee approved its fiscal year 2020 spending bill Sept. 19, which funds Treasury, the Judiciary, the Executive Office of the President, and numerous independent agencies. The bill recommends an increase of $773 million... Read more

Senate Committee Hears from “Team USA” on IAIS Developments

September 3, 2019 The Senate Committee on Banking, Housing, and Urban Affairs will receive testimony Sept. 12 from senior officials representing the Federal Reserve, the Federal Insurance Office, and the National Association of Insurance Commissioners on their role in... Read more

Financial & Regulatory Brief: In the Nation

June 26, 2019 The Treasury Department and the Internal Revenue Service on June 13 unveiled the much-anticipated final regulations related to the modification of discounting rules for insurance... Read more

FACI Holds Second Meeting of Year

June 24, 2019 The Federal Advisory Committee on Insurance convened June 18 by phone to discuss the priorities of its subcommittees for the remainder of the year, including three new subcommittees on the availability of... Read more

FACI to Meet June 18

June 3, 2019 The U.S. Department of the Treasury published a Notice of open meeting May 31 announcing that the U.S. Department of the Treasury's Federal Advisory Committee on Insurance will meet via teleconference June 18 from 2 p.m.-5 p.m. EDT. The meeting is... Read more

Senators Introduce Bill to Eliminate the FIO

May 28, 2019 Sens. Ted Cruz, Cindy Hyde-Smith, and Jim Inhofe on May 22 introduced S. 1586, the Federal Insurance Office Abolishment Act. The bill, the first piece of legislation directly dealing with the FIO to be introduced in the Senate, is a companion bill to... Read more

Financial & Regulatory Brief: In the Nation

May 21, 2019 A NAMIC-supported bill to add a state insurance commissioner as a voting member on the Financial Stability Oversight Council was introduced in both the House and... Read more

Primary Regulators of Insurance Act of 2019 Introduced in House, Senate

May 6, 2019 A a bipartisan group of House and Senate members introduced legislation May 2 designed to elevate the role of state insurance commissioners in federal policymaking on insurance issues. The legislation, known as the... Read more

Legislation to Protect State-Based Regulatory System Expected to be Reintroduced

April 29, 2019 NAMIC expects to soon see the reintroduction of bipartisan legislation designed to protect the state-based system of... Read more

FACI Holds First Meeting of 2019 at Treasury

April 22, 2019 NAMIC attended the Federal Advisory Committee on Insurance’s first meeting of 2019 on April 18. As a reminder, the FACI provides advice and recommendations to assist the Federal Insurance Office in carrying out its statutory authority. Read more

Mnuchin Voices Support for State-Based System of Insurance Regulation in Financial Services Hearing

April 15, 2019 Treasury Secretary Steven Mnuchin appeared before the House Financial Services Committee on April 9 to provide his annual testimony on the state of the... Read more

More Than 60 Members of Congress Send President Letter on NARAB Nominees

April 15, 2019 More than 60 members of the House and Senate signed onto a letter sent to President Trump April 11 calling for the administration to proceed with the... Read more

Member of Financial Services Committee Introduces Bill to Abolish FIO

April 1, 2019 Rep. Alex Mooney, R-W.Va., member of the House Financial Services Committee, introduced legislation on March 25 to abolish the Federal Insurance Office. The committee has jurisdiction over the... The bill, H.R. 1862, the Federal Insurance Office... Read more

Financial & Regulatory Brief: In the Nation

March 28, 2019 The Financial Stability Oversight Council proposed changes to how non-banks can be designated systemically important financial institutions and called for emphasizing an activities-based approach. NAMIC has advocated for an ABA approach in the past... Read more

California; NAIC, FIO Terrorism Risk Insurance Data Calls

March 1, 2019 The Workers’ Compensation Insurance Rating Bureau has issued Bulletin 2019-03, identifying and describing the efforts in which it will be engaged in... Read more

Financial & Regulatory Brief: In the Nation

February 21, 2019 NAMIC submitted comments to S&P Global Ratings regarding its request for comments on the proposed changes to the S&P Insurers Rating Methodology... Read more

Financial & Regulatory Brief: In the Nation

January 16, 2019 In a speech to the American Council of Life Insurers, Randy Quarles, vice chairman for supervision at the Federal Reserve, previewed a proposal for capital requirements for certain insurers under the Fed’s supervision... Read more

NAMIC Meets With Treasury Department, USTR on New Covered Agreement With UK

November 5, 2018 NAMIC met with the Federal Insurance Office, top Treasury officials, and the Office of the United States Trade Representative on Oct 30 to discuss their plans for negotiating a new covered agreement with the United Kingdom. The UK has requested the... Read more

Treasury to Negotiate Another Covered Agreement With United Kingdom

October 29, 2018 The Federal Insurance Office and the Office of the United States Trade Representative have notified Congress of their intent to negotiate a new covered agreement with the United Kingdom. This would be the second such covered agreement to be negotiated... Read more

Trade Tensions Could Impact Auto Costs

October 29, 2018 Central to the administration's trade policies are attempts to increase manufacturing jobs in the United States. While this is a well-intentioned goal, many of the tariffs being implemented to further this effort target automobile and auto parts... Read more

Financial & Regulatory Brief: In the Nation

October 25, 2018 The Federal Insurance Office’s annual report was submitted to Congress and the president in September. It highlighted the Economic Growth, Regulatory Relief and Consumer Protection Act... Read more

Trump Administration to Begin Negotiating Three New Trade Deals

October 22, 2018 The United States Trade Representative officially notified Congress on Oct. 16 that the Trump administration intends to negotiate three separate trade agreements with Japan, the European Union, and the... Read more

Senate Leadership Urged to Act on International Insurance Standards Act

October 15, 2018 A coalition is urging the Senate to take action on H.R. 4537, the International Insurance Standards Act, in a letter to Senate Majority Leader Mitch McConnell, R-Ky., and Sen. Mike Crapo, R-Idaho, chairman of the Senate Banking... Read more

FIO Submits 2018 Annual Report

October 15, 2018 The Federal Insurance Office has submitted its annual report to the president and Congress. The report covers four topics; FIO's statutory responsibilities; the office's key activities since the 2017 annual report; a summary of its 2017 Economic... Read more

NAMIC Attends Senate Committee Hearing on Regulatory Reform

October 8, 2018 The Senate Banking Committee convened Oct. 2 for a hearing titled Implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155). The legislation, passed earlier this year, sought to simplify regulation for smaller... Read more

NAMIC Pressing for Senate Vote on International Standards Bill

October 1, 2018 NAMIC continues to press the Senate on H.R. 4537, the International Insurance Standards Act, as leaders of that chamber consider the October agenda. The bill was included in the House "Jobs 3.0" legislative package, which was passed by the House. It... Read more

FACI Convenes for Final Meeting in 2018, Discusses FIO Developments, Risk Transfer

September 24, 2018 NAMIC attended the Federal Advisory Committee on Insurance’s September meeting on Sept. 18, which featured Federal Insurance Office updates from Director Steve Dreyer and a presentation on “Public Sector Risk and Risk Transfer – A Perspective to... Read more

FACI to Meet Sept. 18

September 10, 2018 The Federal Advisory Committee on Insurance’s next public meeting will take place Sept. 18 at 2:30 p.m. EDT. The registration deadline is Sept. 13 at 12 p.m. EDT. In this meeting, the FACI will discuss topics including public-sector risk and risk... Read more

House Again Passes International Insurance Standards Act

July 23, 2018 The House of Representatives passed H.R. 4537, the International Insurance Standards Act, July 17 for the second time in as many weeks. The bill passed as part of a legislative package from House Financial Services Committee Chairman Jeb Hensarling... Read more

NAMIC Urges Senate to Act as House Passes International Insurance Standards Act in Financial Regulatory Reform Bill

July 18, 2018 The National Association of Mutual Insurance Companies is urging the Senate to act on legislation to protect domestic, state-based insurance regulation from being undermined by international standard-setting bodies after it was passed for the second... Read more

Treasury Secretary Pressed on International Insurance Standards

July 16, 2018 During a July 12 hearing on the State of the International Financial System, multiple members of the House Financial Services Committee pressed Treasury Secretary Steve Mnuchin on the potential for... Read more

NAMIC Board Meets in D.C. With Lawmakers, Administration Officials

July 16, 2018 NAMIC's board of directors will meet with key members of Congress and administration officials to discuss the association's federal agenda during the July 17 board meeting at the... Read more

NAMIC Hails House Passage of International Insurance Standards Act

July 10, 2018 The National Association of Mutual Insurance Companies hailed today’s passage by the House of Representatives of legislation to protect domestic, state-based insurance regulation from being undermined by international standard-setting bodies. Read more

NAMIC Board to Meet with Lawmakers, Administration Officials

July 9, 2018 NAMIC’s board of directors will be coming to Washington D.C., July 16-17. In addition to the regular agenda, they will meet with many key members of Congress and administration officials. During the board meeting, the group will visit with Sens... Read more

House to Vote on International Insurance Standards Act

July 9, 2018 The House of Representatives is expected to vote on NAMIC-backed legislation H.R. 4537, the International Insurance Standards Act, as early as July 10. Introduced by Reps. Sean Duffy, R-Wis., and Denny Heck, D-Wash., the legislation would help protect... Read more

Treasury Secretary to Testify on International Financial System

July 9, 2018 Treasury Secretary Steve Mnuchin will testify before the House Financial Services Committee July 12 on the state of the international financial system. Ahead of the hearing, NAMIC will work with members of the committee to engage with Mnuchin on the... Read more

Protect the U.S. Insurance Industry from Harmful International Regulation

July 9, 2018 Operating under a state-based system of regulation, the U.S. insurance market has long been the largest in the world. In fact, more than half of the world’s 50 largest insurance markets are U.S. states. Yet often times, instead of defending and... Read more

House Poised to Pass Bill Protecting U.S. Insurers From Harmful International Regulation

July 2, 2018 The House is expected to vote on legislation the week of July 9 designed to protect domestic insurers from harmful international regulatory standards. H.R. 4537, the International Insurance Standards Act, would provide clear guidance to federal... Read more

House Committee Advances NAMIC-Backed FIO Reform Bill

June 11, 2018 The House Financial Services Committee voted June 7 to advance NAMIC-backed legislation that would reform and refocus the Federal Insurance Office. The bill, H.R. 3861, the Federal Insurance Office Reform Act of 2017, was adopted by a vote of ... Read more

NAMIC Makes Push for FIO Reform Legislation

June 4, 2018 H.R. 3861, which would bring much-needed reforms to the Federal Insurance Office, could be marked up by the House Financial Services Committee as early as June 7, and NAMIC is intensifying its push to advance the legislation. The legislation, ... Read more

NAMIC Member Participates Treasury Discussion on Mitigation Investments

May 29, 2018 A representative from State Farm Mutual Insurance Company, a NAMIC member, participated in a May 23 discussion at the U.S. Department of Treasury about pre-disaster mitigation and community resilience. The discussion, held by the Federal Insurance... Read more

Trump Signs Financial Regulatory Reform Bill

May 29, 2018 President Trump signed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protections Act into law May 24, just two days after the House approved the bill. This measure was the first substantial regulatory relief legislation signed into law... Read more

NAMIC Welcomes Passage of Insurance Provision in Financial Regulatory Reform Package

May 22, 2018 Financial regulatory reform legislation passed by the House of Representatives today includes a provision providing guidance to federal officials on international insurance standard-setting discussions and encourages greater collaboration and ... Read more

House to Vote on Regulatory Reform Bill

May 21, 2018 The House of Representatives will begin consideration of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, starting May 22, as Congress looks to pass major financial regulatory... Read more

NAMIC to Participate in Treasury Discussion on Mitigation Investments

May 21, 2018 NAMIC will participate in a May 23 discussion at the Department of Treasury on ways to further invest in disaster mitigation and more resilient... Read more

Financial & Regulatory Brief: In the Nation

May 17, 2018 Reps. Dennis Ross, R-Fla., and Denny Heck, D-Wash. introduced, a bill on April 27 that would make the state insurance commissioner who sits on the Financial Stability Oversight Council an official voting member. The bill would modify the structure of ... Read more

NAMIC Attends Federal Advisory Committee on Insurance Meeting

May 14, 2018 NAMIC attended a May 10 meeting of the Federal Advisory Committee on Insurance at the Treasury Department. During a nearly four-hour meeting, FACI listened to presentations from guest speakers covering the InsurTech landscape, support for InsurTech ... Read more

FACI to Hold Meeting on Emerging Technological Issues  

May 7, 2018 The Federal Advisory Committee on Insurance will meet May 10 to discuss a number of topics involving emerging technological issues in the insurance industry... Read more

Insurance Issues Set to Move in HFSC

May 7, 2018 The House Financial Services Housing and Insurance Subcommittee is considering plans for a hearing to examine the insurance perspective of autonomous vehicle technology... Read more

California: WCIRB Issues Bulletin Regarding Terrorism Risk Insurance Data Call

May 4, 2018 Workers' Compensation Insurance Rating Bureau of California has issued Bulletin 2018-08 regarding the Federal Insurance Office’s 2018 terrorism risk insurance data call. Read more

HFS Committee to Consider Insurance Legislation at May 9 Meeting

April 30, 2018 The House Financial Services Committee is planning to hold a markup on May 9 to consider several pieces of legislation, which is likely to include pieces of legislation dealing with the insurance industry... Read more

North Carolina: NCRB Circular Regarding FIO Data Collection Required by TRIPRA Section 111

April 24, 2018 The North Carolina Rate Bureau has issued a Circular Letter regarding the Federal Insurance Office's data call required by Section 111 of TRIPRA. Workers' compensation carriers writing in North Carolina do not need to directly respond to the FIO's... Read more

Federal & Regulatory Brief: In the Nation

April 19, 2018 NAMIC met with Treasury officials on April 12 to discuss the progress being made on the implementation of the U.S.-EU Covered Agreement that was finalized in January 2017. The U.S. has five years to eliminate reinsurance collateral for EU-based... Read more

Omnibus Signed Despite Trump’s Displeasure

March 26, 2018 President Trump on March 23 signed a $1.3 trillion omnibus spending bill after a drama-filled week. While the topline number of the spending bill had been agreed upon in negotiations to prevent a shutdown in February, lawmakers had difficulty coming ... Read more

ICYMI: Take Action Today to Protect State Regulation

March 26, 2018 For last several years, the state-based system of insurance regulation in the U.S. has been under threat from the importation of new, foreign regulatory standards. Activities at international standard-setting bodies such as the International ... Read more

NAMIC Calls for Protecting U.S. Insurance Regulatory System in Financial Reform Bill

March 20, 2018 The National Association of Mutual Insurance Companies is urging Congress to include vital protections for the U.S. insurance regulatory framework in financial services regulatory reform legislation currently awaiting action in the House. In a letter ... Read more

Protect Our State-Based System of Insurance

March 20, 2018 As you have been hearing about for several years now, the state-based system of insurance regulation in the U.S. is under threat from the importation of new, foreign regulatory standards. Activities at international standard-setting bodies such as ... Read more

NAMIC Looks to Include International Provisions in Senate Regulatory Reform Bill

March 12, 2018 NAMIC has been working with lawmakers to strengthen the international insurance provisions in the Senate's financial regulatory reform bill, S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. Those efforts are focused on ... Read more

Senate to Take Up Bipartisan Financial Regulatory Reform Legislation

March 5, 2018 The Senate will take up its financial regulatory reform bill, S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. Senate Majority Leader Mitch McConnell, R-Ky., filed... Read more

Federal Advisory Committee on Insurance Holds Meeting at Treasury Department

February 26, 2018 The Federal Advisory Committee on Insurance held its first meeting of the year on Feb. 22 at the Treasury Department in Washington, D.C. The meeting was held to discuss a number of topics, including... Read more

Financial & Regulatory Brief: In the Nation

February 15, 2018 Treasury Secretary Steven Mnuchin informed the House Financial Services Committee on Feb. 6 that the department recommends that the Financial Stability Oversight Council needs to address regulatory... Read more

Federal Advisory Committee on Insurance to Meet Feb. 22

February 12, 2018 The Federal Advisory Committee on Insurance will convene its next meeting Feb. 22 at the U.S. Department of Treasury in Washington, D.C. The FACI was created in 2011 by then-Federal Insurance Office... Read more

Whole New Data Set for Auto, by Census Tract, Required by Proposed Legislation

February 5, 2018 Rep. Mark Takano, D-Calif., introduced H.R. 4885, the FAIR RATES Act of 2018, on Jan. 25. This misguided legislation would empower to the Federal Insurance Office to create more duplicative reporting... Read more

Treasury Department Hosts 'Team USA' / IAIS Stakeholder Meeting

February 5, 2018 The U.S. Treasury Department hosted a meeting in Washington, D.C., on Jan. 29 to discuss U.S. perspectives on the activities of the International Association of Insurance Supervisors, and... Read more

Financial & Regulatory Brief: In the Nation

January 18, 2018 The Financial Accounting Standards Board held a meeting on Jan. 10 to respond to stakeholders in the banking and insurance industries regarding concerns raised over certain aspects of the... Read more

Financial & Regulatory Brief: In the Nation

December 20, 2017 Congress agreed to a major tax reform package on Dec. 19. The move lowered the corporate tax rate to 21 percent, which benefits the property/casualty insurance industry. Other... Read more

House Committee Overwhelmingly Passes Bill to Protect U.S. Insurance Regulatory System

December 18, 2017 The House Financial Services Committee voted Dec. 13 to favorably report H.R. 4537, the International Insurance Standards Act. The bill was advanced by the committee by a vote of 56-4, which represents... Read more

NAMIC Applauds House Committee Bipartisan, Nearly Unanimous Passage of International Standards Bill

December 13, 2017 The National Association of Mutual Insurance Companies today applauded the House Financial Services Committee for passing legislation to protect U.S. insurers and... Read more

House Committee Set to Vote on Legislation to Protect U.S. Insurance Regulatory System

December 11, 2017 The House Financial Services Committee will vote on several bills Dec. 12, including the NAMIC-backed International Insurance Standards Act of 2017, H.R.... Read more

Senate Banking Committee Passes Community Bank Relief Bill, Includes International Insurance Provision

December 11, 2017 The U.S. Senate Committee on Banking, Housing, and Urban Affairs passed S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, on Dec. 5. The bill is a... Read more

Legislation Introduced to Abolish Federal Insurance Office

December 11, 2017 After NAMIC called for the elimination of the Federal Insurance Office, Congressman Alex Mooney, R-W.Va., has introduced a bill to abolish the office. H.R. 4483, the Federal... Read more

Senate Banking Committee to Consider Community Bank Relief Bill

December 4, 2017 The U.S. Senate Committee on Banking, Housing, and Urban Affairs, will hold a meeting Dec. 5 to consider S. 2155, the Economic Growth, Regulatory Relief and... Read more

ICYMI: Take Action on FIO Reform

December 4, 2017 NAMIC's Federal Legislators of the Year, Reps. Sean Duffy, R-Wis., and Denny Heck, D-Wash., have introduced bi-partisan legislation to fundamentally reform the FIO, refocusing it on its originally stated purpose as a resource... Read more

Ask Your Representative to CO-SPONSOR legislation to reform the Federal Insurance Office

November 29, 2017 In response to the financial crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. This massive regulatory reform effort included the creation of the... Read more

NAMIC Urges Senate to Include Insurance in Bipartisan Regulatory Reform Package

November 17, 2017 The National Association of Mutual Insurance Companies today urged lawmakers to bring needed regulatory relief to the insurance industry by including an... Read more

Treasury Issues Report on Insurance Regulation

October 30, 2017 The U.S. Treasury Department on Oct. 26 released its report to the President Donald Trump on the regulatory environment for the asset management and insurance industries. This report was issued in response to an executive order issued by the... Read more

NAMIC Chairman Urges Limited Federal Role in Insurance Regulation

October 30, 2017 NAMIC Chairman Paul Ehlert, president of Germania Insurance in Brenham, Texas, testified Oct. 24 on the federal role in insurance regulation before the House Financial Services Subcommittee on Housing and... Read more

Media Statement | Treasury Report on Insurance

October 27, 2017 “The Treasury’s report undertakes the enormous task of evaluating the regulatory framework for the asset management and insurance industries and assessing whether it... Read more

NAMIC Chair Reaffirms State-Based Insurance Regulation; Rejects Federal Expansion Efforts as Duplicative, Costly

October 24, 2017 The chairman of the National Association of Mutual Insurance Companies testified today before the House Financial Services Subcommittee on Housing and Insurance... Read more

NAMIC Chairman in Town to Testify on Federal Role in Insurance Regulation

October 23, 2017 NAMIC Chairman Paul Ehlert, president of Germania Insurance in Brenham, Texas, will be testifying on the federal role in insurance regulation Oct. 24 before the House Financial Services Subcommittee on Housing and Insurance... Read more

Financial & Regulatory Brief: In the Nation

October 20, 2017 A proposed tax reform framework was released in September by a group dubbed the "Big Six" that consists of House Speaker Paul Ryan, Ways and Means Committee Chairman Kevin Brady, Majority Leader Mitch McConnell, Finance... Read more

NAMIC Chairman to Testify on Federal Role in Insurance Regulation Before House Subcommittee

October 16, 2017 Paul Ehlert, president of Germania Insurance in Brenham, Texas, and chairman of the NAMIC Board of Directors, will come to Washington, D.C., Oct. 24 to testify before Congress on the appropriate federal role in... Read more

Policy Statement Issued With Covered Agreement to Address Concerns

October 2, 2017 The Trump administration on Sept. 22 formally signed the bilateral covered agreement with the European Union. Throughout the process NAMIC was vocal in expressing... Read more

Former NAMIC Chairman to Testify on Legislation to Reform, Refocus the Federal Insurance Office

October 2, 2017 The House Financial Services Subcommittee on Housing and Insurance is planning a hearing Oct. 10 to consider legislation limiting the federal role in insurance regulation. Subcommittee Chairman Sean Duffy... Read more

NAMIC Welcomes FIO Reform Legislation

September 28, 2017 "The Federal Insurance Office Reform Act", introduced by Reps. Sean Duffy, R-Wis., and Denny Heck, D-Wash., would refocus the FIO on its mission to be a resource for federal policymakers and to help coordinate the U.S. message on... Read more

NAMIC Names Duffy, Heck Federal Legislators of the Year

September 27, 2017 The National Association of Mutual Insurance Companies awarded Reps. Sean Duffy, R-Wis., and Denny Heck, D-Wash., as the... Read more

NAMIC Comments on EU-U.S. Covered Agreement and Policy Statement

September 25, 2017 NAMIC has long had reservations about using the mechanism of a covered agreement to bring about changes to the U.S. system of insurance regulation. When it was released in January, we consistently voiced stronger need for clarity in the agreement at... Read more

U.S. Signs Covered Agreement With European Union

September 25, 2017 The United States signed a bilateral agreement with the European Union on Sept. 22 that eliminated trade barriers for insurers and reinsurers doing business in the other's jurisdiction. The agreement was the culmination of... Read more

U.S., European Union Sign Agreement Designed to Ease Coordination Between Domestic, Overseas Insurers

September 23, 2017 The United States Department of Treasury formally signed a deal with the European Union Sept. 22 to force members of the EU to treat insurers domiciled in the U.S. more... Read more

Congress Sends Legislation Maintaining Insurance Expertise on FSOC to President's Desk

September 23, 2017 The United States Senate passed H.R. 3110, the Financial Stability Oversight Council Insurance Member Continuity Act, on Sept. 19 by unanimous consent. The House of Representatives had already passed the bill Sept. 5, so it has been sent to... Read more

In the Nation: Fiduciary Rule Delayed; NAMIC Members Discuss Tax Reform; House Approves Extending Term of FSOC Insurance Expert

September 21, 2017 The Department of Labor announced on Aug. 31 its proposal for an 18-month delay to the Fiduciary Rule's compliance deadline. The new deadline is now July 2, 2019. A day prior to the announcement, the department... Read more

House Subcommittee Chair Introduces Bill to Rein-In International Insurance Standards

September 18, 2017 Rep. Sean Duffy, R-Wis., chairman of the House Financial Services Subcommittee on Housing and Insurance, introduced legislation Sept. 13 to provide greater oversight of and transparency on... Read more

House Committee Questions Treasury Secretary on U.S.-EU Covered Agreement

July 31, 2017 The House Financial Services Committee hosted the Secretary of the U.S. Treasury, Steven Mnuchin, July 27 for a hearing titled “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.”... Read more

In the Nation: Covered Agreement to be Signed; International Capital Standards Bill Introduced; Senate Confirms New Leadership for the Office of Information and Regulatory Affairs

July 21, 2017 NAMIC has learned that the Trump administration intends to sign the recently negotiated covered agreement with the European Union. In addition, the administration will... Read more

NAMIC Board Meets With Secretary Mnuchin to Discuss Covered Agreement

July 17, 2017 If you had told me on January 13 that roughly six months later the Trump would still have not signed the covered agreement with the EU and NAMIC’s Board of Directors would be... Read more

FIO Releases Study on Small Insurers Participation in Terrorism Risk Insurance Market

July 10, 2017 The Federal Insurance Office released on June 30 its first report [LINK TO attached] on small insurer participation in the terrorism risk insurance marketplace... Read more

Member advisories related to subjects

June 29, 2017 Accounting Standards Company/Producer Licensing Financial Examinations Market Conduct Reforms Rate Modernization Solvency Modernization Consumer Financial Protection Bureau Financial St... Read more

NAMIC Secures Senate Introduction of Legislation Addressing International Insurance Standards

June 19, 2017 Sens. Dean Heller, R-Nev., and John Tester, D-Mont., introduced S. 1360, the International Insurance Capital Standards Accountability Act... Read more

In the Nation: CHOICE Act Passes House; Fiduciary Rule in Effect; NAMIC Sends Letter to Treasury Secretary Urging Him Not to Sign Covered Agreement

June 15, 2017 The House of Representatives recently passed the Financial CHOICE Act, the largest step taken by Congress to repeal and replace the Dodd-Frank Act. The bill, passed on... Read more

House Passes Financial CHOICE Act to Roll Back Dodd-Frank

June 12, 2017 The U.S. House of Representatives took up and passed H.R. 10, the Financial CHOICE Act, June 8 by a vote of 233-186 along party lines. The bill is not expected to be taken up in... Read more

House Passes Financial CHOICE Act to Roll Back Dodd-Frank

June 12, 2017 The U.S. House of Representatives took up and passed H.R. 10, the Financial CHOICE Act, June 8 by a vote of 233-186 along party lines. The bill is not expected to be taken up in the... Read more

NAMIC Welcomes House Passage of the Financial CHOICE Act

June 8, 2017 The National Association of Mutual Insurance Companies today applauded the U.S. House of Representatives for advancing the debate over reforming the nation’s financial regulatory system by passing the Financial CHOICE Act... Read more

House Expected to Pass Financial CHOICE Act This Week

June 5, 2017 Following its return from the Memorial Day recess on June 6, the House of Representatives is expected to take up... Read more

House to Consider CHOICE Act Upon Return From Memorial Day Recess

May 30, 2017 After months of work, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, formally introduced his new version of the Financial CHOICE Act, H.R. 10, on April 26. This was followed... Read more

In the World: NAMIC Submits Comments to FSB on G20 Reforms; NAMIC Developing Comments on Latest Draft of ComFrame

May 18, 2017 The Financial Stability Board in April issued a consultation on a framework for assessing the G20 financial reforms put in place since the financial crisis. The questions the FSB posed for... Read more

In the Nation: Former NAMIC Chairman Testifies to Congress on Covered Agreement; House Committee Advances CHOICE Act; FIO Now Accepting TRIA Reporting Despite NAIC Effort

May 18, 2017 Former NAMIC Chairman Stu Henderson testified before the Senate Banking Committee on May 2 during a hearing held on the U.S.-EU covered agreement. Senators were receptive to Henderson’s message that the agreement would be detrimental to companies ... Read more

NAMIC Urges Trump Administration to Seek Clarity on Covered Agreement Before Signing

May 17, 2017 The National Association of Mutual Insurance Companies today called on Treasury Secretary Steve Mnuchin and the Trump administration to seek specific clarification from... Read more

House to Consider CHOICE Act in Coming Weeks

May 15, 2017 After months of work, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, formally introduced his new version of the Financial CHOICE Act, H.R. 10, on... Read more

House Panel Votes to Advance Financial Regulatory Reform Bill

May 8, 2017 House Financial Services Committee Chairman Jeb Hensarling, R-Texas, and committee members voted May 4 to advance sweeping legislation designed to roll back and reform much of the... Read more

NAMIC Calls for Clarity or Renegotiation on U.S.- EU Covered Agreement

May 2, 2017 The U.S. insurance industry comes out on the losing end of the covered agreement negotiated by the Obama administration and the European Union, the National Association of... Read more

Financial CHOICE Act Introduced, Headed for Mark-Up

May 1, 2017 After months of work, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, formally introduced his new version of the Financial CHOICE Act, H.R. 10, on Read more

NAMIC to Testify Before Senate Banking Hearing on Covered Agreement

May 1, 2017 The Senate Committee on Banking, Housing, and Urban Affairs will be holding a hearing May 2 titled... Read more

NAMIC's 100 Days of 2017

April 28, 2017 April 29 marks the official end of the first 100-days of the Trump administration. But rather than rehashing our president's record, I thought this would be a fitting time to... Read more

Senate Banking Committee to Hold Hearing on Covered Agreement

April 24, 2017 The U.S. Senate Committee on Banking, Housing and Urban Affairs will hold a hearing May 2 on the recently concluded covered agreement between the U.S. and the European Union. NAMIC has been invited to testify as a... Read more

HFSC Chairman Releases Text of Dodd-Frank Reform Bill: CHOICE 2.0

April 24, 2017 House Financial Services Committee Chairman Jeb Hensarling, R-Texas, circulated on April 19 a discussion draft of his financial services regulatory reform legislation, the Financial CHOICE Act. The original bill was... Read more

TRIA Federal Insurance Office opens online data – deadline May 15

April 24, 2017 The Federal Insurance Office officially opened the online data collection portal on April 17 for this year's Section 111 TRIA data reporting. Under the Terrorism Risk Insurance Program Reauthorization Act of... Read more

States to Revise Terrorism Data Call for 2017

April 19, 2017 The Terrorism Insurance Implementation (C) Working Group revealed during its meeting on April 6 that the terrorism insurance data call conducted by the states last year was less than... Read more

TRIA Treasury Department hosting webinar

April 18, 2017 The Federal Insurance Office officially opened the online data collection portal on April 17, for this year's Section 111 TRIA data reporting. Under the Terrorism Risk Insurance Program Reauthorization Act of... Read more

House Financial Services Committee Announces Plans for Financial Regulatory Reform, CHOICE 2.0

April 17, 2017 House Financial Services Committee Chairman Jeb Hensarling, R-Texas, has announced that he will unveil a new version of his financial services regulatory reform legislation, the... Read more

House Members Send Letter Seeking Clarification on U.S.-EU Covered Agreement

April 10, 2017 Rep. Sean Duffy, R-Wis., chairman of the House Financial Services Subcommittee on Housing and Insurance, sent a letter to Treasury Secretary Steven Mnuchin on April 7 requesting a... Read more

Group Solvency Issues Working Group: Legal Opinion Expected on Implementation Guide for ERR Filing

April 4, 2017 Significant revisions to the Holding Company Act were adopted by the NAIC in December 2010 in response to the financial crisis, which illustrated the need for enhanced... Read more

Terrorism Working Group to Discuss Results of State Data Call

April 4, 2017 When the Terrorism Insurance Implementation (C) Working Group meets on April 6, its main agenda item will be a discussion of the state terrorism insurance data call that the states administered... Read more

TRIA Federal Insurance Office launches online data collection

March 28, 2017 The Federal Insurance Office opened the online data collection portal on March 27 for this year's Section 111 TRIA data reporting, albeit currently only for registration. The data collection process and forms are still awaiting... Read more

NAMIC CEO Meets With Treasury Department on Covered Agreement

March 20, 2017 NAMIC president and CEO Chuck Chamness traveled to Washington, D.C., March 16 to meet with top Treasury officials for the new administration to discuss the recently concluded covered agreement with the European Union. In the... Read more

NAMIC Launches Targeted Grassroots Campaign on Future of FIO

February 27, 2017 NAMIC is undertaking a targeted grassroots campaign in several states urging lawmakers to eliminate the Federal Insurance Office as part of... Read more

Introduction of 'CHOICE 2.0' on the Horizon

February 21, 2017 Over the last few weeks several stories in the political trade press have reported that Rep. Jeb Hensarling, R-Texas, chairman of the... Read more

NAMIC Testifies Before House Subcommittee on U.S.-EU Covered Agreement

February 21, 2017 Charles Chamness, NAMIC president and CEO, testified before the House Financial Services Subcommittee on Housing and Insurance at a... Read more

NAMIC CEO Testifies on Capitol Hill about U.S.-EU Covered Agreement

February 16, 2017 In testimony today before the House Financial Services Subcommittee on Housing and Insurance, NAMIC president and CEO Charles M. Chamness said the covered agreement recently negotiated between the United States and the European Union failed... Read more

National Association of Mutual Insurance Companies CEO: Covered Agreement Not Agreeable

February 16, 2017 In testimony today before the House Financial Services Subcommittee on Housing and Insurance, NAMIC president and CEO Charles M. Chamness said the covered agreement recently negotiated between the United States and the European Union failed... Read more

NAMIC President and CEO Chuck Chamness to Testify on Covered Agreement

February 15, 2017 NAMIC president and CEO Chuck Chamness will testify before the House Financial Services Subcommittee on Housing and Insurance at 10 a.m. Feb. 16 on the draft covered agreement recently released between the United States and the... Read more

NAMIC CEO to Testify Before HFSC Subcommittee on U.S.-EU Covered Agreement

February 13, 2017 Charles Chamness, NAMIC president and CEO, will testify before the House Financial Services Subcommittee on Housing and Insurance at a Feb. 16 hearing titled "Assessing the U.S.-EU Covered Agreement." NAMIC is appreciative of the... Read more

House Financial Services Committee Passes Authorization, Oversight Plan for 115th Congress

February 13, 2017 The House Financial Services Committee held a markup Feb. 7 during which the full House Financial Services Committee adopted and approved the outline for the issues the committee will look to address in the 115th Congress. As expected, the... Read more

SPECIAL REPORT: NAMIC Analysis of the 2017 Bilateral Covered Agreement

February 6, 2017 One of the final acts of the Obama administration was the Jan. 13 release of an agreement between the United States and the EU on insurance regulation. This agreement was negotiated over the last three years in closed, confidential... Read more

NAMIC Calls for the Elimination of the Federal Insurance Office

February 6, 2017 NAMIC officially called on the 115th Congress to eliminate the Federal Insurance Office at the U.S. Department of Treasury. Long-standing NAMIC policy is to support maintaining a reformed system of state-based insurance regulation... Read more

Presidential Actions Tracker

February 6, 2017 Following his Jan. 30 Presidential Executive Order on Reducing Regulation and Controlling Regulatory Costs that requires any new regulations to repeal two existing regulations, President Donald Trump on Feb. 3 signed the Presidential Executive Order on... Read more

Statement Re: Presidential Executive Order to Reform Dodd-Frank Act

February 3, 2017 NAMIC welcomes the call to review the Dodd-Frank Act. The 2,300-page law contains provisions that have been ineffective or damaging, and like any major legislation, also produced unintended consequences. For the property/casualty... Read more

Special Report: NAMIC Calls for the Elimination of the Federal Insurance Office

February 1, 2017 Today, NAMIC officially called on the 115th Congress to eliminate the Federal Insurance Office at the U.S. Department of Treasury. As you will recall, following the financial crisis, Congress launched a massive financial... Read more

NAMIC Calls for Elimination of the Federal Insurance Office

February 1, 2017 The National Association of Mutual Insurance Companies today called on members of Congress to take the necessary steps to formally eliminate the Federal Insurance Office, housed within the U.S. Department of the Treasury. Created by... Read more

2017 Federal Outlook

January 27, 2017 It's all official now. President Donald Trump has taken the oath of office, Congress is in session, and cabinet nominees are slowly but surely making their way through the confirmation process. With everyone taking their... Read more

FIO Releases First Annual Study on Auto Insurance Affordability, Availability

January 23, 2017 The Federal Insurance Office released the first annual Study on the Affordability of Personal Automobile Insurance Jan. 20, the last day of the Obama administration. The study purports to provide "an objective, quantifiable... Read more

MEDIA STATEMENT: NAMIC Response to FIO Report on Auto Insurance Affordability

January 20, 2017 "This report is disappointing, but hardly surprising. Having made use of an inherently unreliable ZIP-code-based approach to determine whether minority and low- and moderate-income consumers can afford to... Read more

At the NAIC: Fall National Meeting Summaries; NAIC Commissioners Vote to Eliminate FIO; Operational Risk Methodology Narrowed Down to a Single Approach; NAIC's Reinsurance Collateral Contingency

January 19, 2017 The NAMIC State & Policy Affairs staff attended the National Association of Insurance Commissioners' fall meeting held Dec. 9-13 in Miami. Please view the NAMIC Advocacy Special Edition NAIC Review to learn about the latest... Read more

In the World: FASB/IASB Pledge to Continue Collaboration; International Capital Standard Development Continues; EU-U.S. Covered Agreement Reached

January 19, 2017 The Financial Accounting Standards Board and the International Accounting Standards Board met last month during the American Institutes of CPAs' conference on current Securities Exchange Commission and Public... Read more

In the Nation: CHOICE Act Gains Support; Democrats Move to Protect States From International Agreements; FIO Director to Resign

January 19, 2017 House Financial Services Committee Chairman Jeb Hensarling, R-Texas, recently told reporters that he expects changes to the Dodd-Frank Act to occur sometime in 2017. Hensarling introduced the Financial CHOICE Act late last year, and it... Read more

U.S., EU Finalize Covered Agreement on Reinsurance Collateral, Group Supervision

January 17, 2017 The U.S. Treasury Department and United States Trade Representative submitted to Congress on Jan. 13 the language of the final covered agreement, with the EU addressing U.S. reinsurance collateral requirements and the... Read more

FIO Director McRaith Announces Resignation During FACI Meeting

January 9, 2017 Federal Insurance Office Director Michael McRaith announced his resignation at a Jan.5 open meeting of the Federal Advisory Committee on Insurance. The FACI provides advice and recommendations to the FIO and assists McRaith in carrying... Read more

McRaith's Resignation, Covered Agreements, and the FIO's Future

January 6, 2017 Along with a new administration comes literally thousands of jobs to fill, particularly when the White House transitions from one party to the other. Yesterday, we learned... Read more

Covered Agreement Status Updated, Reinsurance Talks Continue

December 20, 2016 As reported in the NAIC Preview, NAMIC expected action on these issues at the fall meeting, but each committee addressing parts of the issue, including the Financial Condition (E) Committee and the Reinsurance (E) Task... Read more

Literally Shaping the Debate

December 13, 2016 Perhaps if more NAMIC members were quoted on the floor of the House of Representatives, Washington wouldn’t be quite so dysfunctional. At least that was the thought running through my... Read more

Democratic Bill Introduced to Protect State Regulation From International Agreements

December 12, 2016 Rep. Denny Heck, D-Wash., introduced legislation Dec. 5 to ensure that international negotiations on insurance standards do not fundamentally change the U.S. state-based system of... Read more

NAMIC to Participate in Treasury Meeting on Risk-Sharing Mechanisms

December 12, 2016 NAMIC staff will be participants at the Department of Treasury and the Federal Insurance Office’s Dec. 15 meeting of the Advisory Committee on Risk-Sharing Mechanisms. The committee will discuss issues related to... Read more

Group Solvency Issues Working Group: Survey Results on Enterprise Risk Report

December 8, 2016 Significant revisions to the Holding Company Act were adopted by the NAIC in December 2010 in response to the financial crisis and the need for enhanced group supervision. All states have completed adoption of the 2010 revisions. This revision included... Read more

House Passage of Transparent Insurance Standards Act Shows Congress' Concern on International Agreements

December 7, 2016 House passage today of HR 5143, the Transparent Insurance Standards Act of 2016, sends a much-needed message to the international standard-setting community that members of Congress believe there is a... Read more

Ask Your Member of Congress to Vote YES on HR 5143

December 6, 2016 As we have been discussing, the current debate around the future of regulation in the United States has not been taking place in the states where we are regulated nor in Washington where our federal government resides, but rather... Read more

Heck Bill Shows Democratic Support on International Insurance Regulation

December 5, 2016 Just as H.R. 5143, the Transparent Insurance Standards Act addressing international insurance issues, is poised to be passed on the House floor, a show of bipartisan support on the issue is emerging. As has been reported... Read more

FIO's TRIA Mandatory Data Collection Plan Expected in December

December 5, 2016 The Federal Insurance Office indicted during a recent meeting with NAMIC that it plans to publish its proposed TRIA data collection plan for 2017 in the Federal Register before the end of 2016. Under Section 111 of the... Read more

Luetkemeyer's International Insurance Bill to Come to Full House Floor

December 5, 2016 The U.S. House of Representatives is expected to vote on key legislation resulting from NAMIC efforts throughout the 114th Congress before lawmakers adjourn for the year. H.R. 5143, the Transparent Insurance Standards Act of... Read more

FIO Releases Report on Consumer Protections

November 28, 2016 The Federal Insurance Office published a "Report on the Protection of Consumers and Access to Insurance" Nov. 21. Though consumer protections have been referenced in several of the FIO's annual reports on the U.S. insurance... Read more

U.S., EU Representatives Announce Little Progress on Covered Agreement

November 7, 2016 Representatives from the United States and European Union released a joint statement Nov. 7 on the negotiations over a covered agreement on insurance and reinsurance measures. Under the Dodd-Frank Wall Street Reform and... Read more

Crowded Schedule Delays Heck Bill Until November

October 11, 2016 Rep. Denny Heck, D-Wash., was expected to introduce legislation to help safeguard the U.S. state-based insurance regulatory system while Congress was in session in September. Unfortunately, with issues such as... Read more

Administration Announces Higher Standards for Resiliency

October 11, 2016 At the direction of President Obama, three federal agencies involved in financing home mortgages issued new standards for resilient construction Oct. 5 in the face of an... Read more

NAMIC Testifies at One of Two Key House Hearings Last Week

September 30, 2016 The House Financial Services Subcommittee on Monetary Policy and Trade held a hearing Sept. 27 titled "The Financial Stability Board's Implications for U.S. Growth and Competitiveness." NAMIC was invited to testify as the... Read more

NAMIC Key Player in House Insurance Hearings

September 28, 2016 As NAMIC members gathered in Vancouver for the 2016 annual convention this week, Congress has remained in Washington, D.C., attempting to work out a compromise to fund the federal government past the elections on... Read more

House Financial Services Committee Racing to Finish Line With Number of Hearings

September 23, 2016 The House Financial Services Committee is holding a series of hearings before lawmakers return to the campaign trail. Four of those hearings are of particular relevance as they will likely... Read more

House Financial Services Committee Reports CHOICE Act to Full House

September 19, 2016 The House Financial Services Committee met Sept. 13 to vote on the Financial CHOICE Act, a financial services regulatory reform alternative to the Dodd-Frank Act introduced by the... Read more

NAMIC to Testify on FSB, International Regulatory Efforts

September 19, 2016 NAMIC has been asked to provide testimony at a Sept. 23 hearing before the U.S. House of Representatives Financial Services Monetary Policy and Trade Subcommittee on “The Financial Stability Board’s Implications for U.S. Growth and... Read more

In the States: NAIC Model Update; Regulator Response to Comments on Multi-State Diversity Survey; TRIA Data Collection Effort Continues

September 14, 2016 Most states have wrapped-up their 2016 legislative sessions, and activity related to NAIC model laws has slowed. Five states – Alabama, Arizona, Colorado, Florida, and... Read more

Market Regulation Committee Narrowly Approves "Certification" Program

September 7, 2016 After considerable discussion the Market Regulation and Consumer Affairs (D) Committee voted 7-6 to approve the Market Regulation "Certification" Program that had formerly been known as... Read more

Auto Insurance Working Group Discusses Potential Affordability Study

September 7, 2016 The Auto Insurance (C/D) Working Group began to discuss how it would conduct a study of the availability and affordability of automobile insurance for low-income consumers. Although no firm plans were laid during... Read more

Group Solvency Issues Working Group: Survey Results on Enterprise Risk Report

September 7, 2016 Significant revisions to the Holding Company Act were adopted by the NAIC in December 2010 in response to the financial crisis and the need for enhanced group supervision. All states have completed adoption of... Read more

Federal Advisory Committee on Insurance Holds August Meeting

September 6, 2016 The Federal Advisory Committee on Insurance convened its latest open meeting Aug. 18 at the Treasury Department Building in Washington, D.C. The FACI was formed to provide advice and recommendations to the... Read more

Group Solvency Issues Working Group: Survey on Enterprise Risk Report

August 24, 2016 The first round of revisions to the Holding Company Act was adopted by the NAIC in December 2010 in response to the financial crisis and the need for enhanced group supervision. All states have... Read more

Infrastructure Investments – An NAIC Special Session

August 24, 2016 The Valuation of Securities (E) Task Force is holding a special session at the NAIC Summer National Meeting in San Diego about infrastructure investments. Recently, several policy-driven bodies, such as the U.S. Bipartisan Policy Center and the... Read more

Auto Insurance Working Group to Discusses Potential Affordability Study

August 24, 2016 Since the Federal Insurance Office disclosed in mid-July its long-awaited final plan to study the availability and affordability of auto insurance for racial minorities and low-to-moderate income... Read more

State Regulator Terrorism Insurance Data Call

August 1, 2016 For the past several months, a group of state regulators, led by the New York Department of Financial Services, has been developing a terrorism insurance data call in consultation with... Read more

FIO Releases Affordability Index for Study on Auto Insurance

July 18, 2016 The Federal Insurance Office released the methodology that it would be using to measure the affordability and accessibility of auto insurance in “traditionally underserved communities” across the... Read more

NAMIC Deeply Concerned With Newly Released FIO Affordability Methodology

July 14, 2016 The National Association of Mutual Insurance Companies voiced significant concerns regarding the methodology for determining auto insurance affordability recently unveiled by... Read more

In the Nation: SIFI – GE Capital No Longer, MetLife Suffers Setback; NAMIC Submits Comments to Rating Agency; New Bill Introduced – Considered Alternative to Dodd/Frank

July 14, 2016 GE Capital recently became the first entity to have its SIFI designation rescinded after the Financial Stability Oversight Council the company no longer poses a risk to... Read more

FIO Releases First Section 111 TRIA Report

July 5, 2016 The Federal Insurance Office issued the first “Report on the Overall Effectiveness of the Terrorism Risk Insurance Program” on June 30 and said that further reports will be... Read more

Hensarling Unveils CHOICE Act

June 27, 2016 House Financial Services Committee Chairman Jeb Hensarling, R-Texas, released language June 24 for legislation titled the CHOICE Act, which would serve as an alternative to the Dodd-Frank Act in the form of... Read more

Heck Amendment Shows Support for State Regulation Among Democratic Lawmakers

June 20, 2016 During the House Financial Services Committee markup of H.R. 5143 on June 15, Rep. Denny Heck, D-Wash., offered an amendment representing the first legislative action from a Democrat to address concerns regarding the threat presented by... Read more

House Financial Services Committee Passes International Insurance Legislation

June 20, 2016 The House Financial Services Committee met June 15-16 to hold a markup on 12 pieces of legislation within the committee's jurisdiction, including the Transparent Insurance Standards Act of... Read more

House Financial Services Committee to Vote on International Insurance Legislation

June 13, 2016 The House Financial Services Committee will hold a markup June 15 to vote on 12 pieces of legislation it hopes to move to the House floor by the end of this... Read more

In the Nation: Fed Proposes Capital Standards Rules; FHFA to Allow Statutory Accounting in Determining Tangible Capital; FACI Holds Open Meeting

June 9, 2016 The Federal Reserve released on June 3 its first advance notice of proposed rulemaking for insurance companies' group capital requirements. Daniel Tarullo, Federal Reserve governor, spoke to insurance regulators in May about the Fed's progress in... Read more

NAMIC Hails Hensarling's Financial Choice Act

June 7, 2016 The National Association of Mutual Insurance Companies welcomed the proposal for significant reform of the financial regulations enacted under the Dodd-Frank Act announced today by... Read more

NAMIC to Submit Comments to Federal Insurance Office on Mitigation Investment Strategy

June 6, 2016 Following the introduction of H.R. 5177, the National Mitigation Investment Act, NAMIC is set to submit comments to the Federal Insurance Office June 7 regarding its effort to create a... Read more

FIO's Advisory Committee on Terrorism Risk-Sharing Mechanisms Holds Meeting June 1st

June 6, 2016 The Advisory Committee on Risk-Sharing Mechanisms held its second open meeting June 1 at the Treasury Department building in Washington, D.C. The ACRSM was established by the... Read more

NAMIC Submits Comments on TRIA Implementation

June 6, 2016 The Federal Insurance Office of the U.S. Treasury Department published a notice of proposed rulemaking in the Federal Register April 1 on the Terrorism Risk Insurance Act Program. The proposed rule is intended to implement changes to... Read more

FIO's Advisory Committee on Terrorism Risk-Sharing Mechanisms to Meet

May 31, 2016 The Advisory Committee on Risk-Sharing Mechanisms will hold its second open meeting June 1 at 10 a.m. EDT. The ACRSM was established by the Terrorism Risk Insurance Program Reauthorization Act of 2015 and provides advice and... Read more

FACI Holds Open Meeting

May 31, 2016 The Federal Advisory Committee on Insurance held a periodic open meeting on May 26. The FACI provides advice and recommendations to the Federal Insurance Office and assists Read more

In the World: Team USA Meets Again on International Issues; UK Looks at Stress Testing for Non-Life Companies; NAMIC Presented at IAIS Working Group Meeting

May 20, 2016 Several insurance companies and trades met with Team USA at the U.S. Treasury on April 25 to discuss issues before the International Association of Insurance Supervisors. NAMIC took a strong... Read more

Federal Advisory Committee on Insurance to Meet May 26

May 9, 2016 The Federal Insurance Office has announced that it will hold its next periodic meeting of the Federal Advisory Committee on Insurance on May 26 at the Treasury Department building in Washington, D.C. The FACI typically holds a... Read more

Regulators Eye Executive Compensation Rules

April 25, 2016 Federal regulators are lining up to consider a new proposed rule to control executive compensation at financial services companies, nearly a decade after... Read more

In the Nation: FIO Requests TRIP Data for Report to Congress; New DOL Fiduciary Rule; Judge Rules MetLife Not Systemically Important; Disparate Impact Challenge to Continue

April 22, 2016 The Federal Insurance Office recently posted a request for comment on its Terrorism Risk Insurance Program in order to assist the Treasury Department with its report due to Congress. The report must.. Read more

NAMIC Submits Comments to Treasury on TRIA

April 18, 2016 NAMIC submitted comments to the U.S. Treasury Department April 15 on the impact and effectiveness of the Terrorism Risk Insurance Program. These comments were in response to the solicitation of public feedback published in the Federal Register on March ... Read more

Group Solvency Issues Working Group: Survey on Enterprise Risk Report; New ORSA Subgroup

April 12, 2016 The first round of revisions to the Holding Company Act was adopted by the NAIC in December 2010 in response to the financial crisis and the need for enhanced group supervision. All states have completed adoption of the 2010 revisions. This revision inc... Read more

TRIA Working Group to Explore State Terrorism Insurance Data Collection Effort

April 12, 2016 Although it is not formally a project of the NAIC, a proposal developed by a dozen states to jointly administer a terrorism insurance data call was the main item on the agenda of the Terrorism Insurance Implementation (C) Working Group at its meeting on... Read more

Treasury Will Appeal MetLife FSOC Ruling

April 11, 2016 The U.S. Department of Treasury filed an appeal last week challenging a court ruling removing the “Systemically Important Financial Institution” label from MetLife. Judge Rosemary Collyer of the United States District Court for the District of Columbia ... Read more

Treasury Releases Proposed Rule, Request for Comments on TRIA

April 4, 2016 The Federal Insurance Office of the U.S. Treasury Department published a notice of proposed rulemaking in the Federal Register April 1 on the Terrorism Risk Insurance Act Program. The proposed rule is intended to implement changes to the program require... Read more

The ‘Flood’ of Supplemental Reporting Requirements Continue

March 31, 2016 New annual statement supplemental reporting requirements for flood insurance are the latest in a recent increase in supplemental reporting requirements. The NAIC has begun a trend of using the annual statement supplemental reporting as a means of collec... Read more

Holding Company Model Act 2010 Revisions Done? Maybe Not!

March 31, 2016 The first round of revisions to the Holding Company Act was adopted by the NAIC in December 2010 in response to the financial crisis and the need for enhanced group supervision. All states have completed adoption of the 2010 revisions. This revision inc... Read more

TRIA Working Group to Explore State Terrorism Insurance Data Collection Effort

March 31, 2016 Although it is not formally a project of the NAIC, a proposal developed by a group of 11 states to jointly administer a terrorism insurance data call will be discussed for the first time by the Terrorism Insurance Implementation (C) Working Group. The g... Read more

FIO Solicits Supplemental Information for Report on TRIA Program’s Effectiveness

March 28, 2016 The Federal Insurance Office published a solicitation of public feedback on the impact and effectiveness of the Terrorism Risk Insurance Program on... Read more

Federal Insurance Office Requests Data on Terrorism Coverages

March 16, 2016 The Federal Insurance Office has published a request in the Federal Register asking insurers to voluntarily submit information about their participation in the federal government's Terrorism Risk Insurance Program. The Terrorism Risk Insurance Program R... Read more

In the Nation: NAMIC Testifies to Congress on International Negotiations; FSOC Renews MetLife’s SIFI Tag; NAMIC Seeks Stronger Language to Rein in Fed/FIO; FHFA Clarifies Membership Rule

March 10, 2016 Gary Thompson, president and CEO of Columbia Mutual Insurance Company, represented NAMIC during a House Financial Services Subcommittee hearing on Feb. 25. The Subcommittee on Housing and Insurance allowed Thompson and others to comment on proposed legi... Read more

FIO Releases TRIA Data Reporting Process Blueprint

March 7, 2016 The Federal Insurance Office published a request in the Federal Register March 4 asking insurers to voluntarily submit information about their participation in the federal government's Terrorism Risk Insurance Program. The Terrorism Risk Insurance Progr... Read more

NAMIC Meets with FIO/FEMA to discuss National Flood Insurance Program

March 7, 2016 NAMIC met with officials from the Federal Insurance Office and Federal Emergency Management Agency in a stakeholder session March 4 to help them understand the opportunities and challenges to the delivery of flood insurance products through various dist... Read more

NAMIC Testifies Before House Committee in Defense of U.S. Domestic Insurance Industry

February 29, 2016 NAMIC testified before the House Financial Services Subcommittee on Housing and Insurance at a Feb. 25 hearing titled “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II.” Gary Thompson, president/CEO of Co... Read more

In the Nation: Yellen to Provide Congress Testimony in February; FIO, USTR Publish Covered Agreement Negotiations Intent in Federal Register; NAMIC Aids in Continued Development of TRIA Data Collectio

February 11, 2016 Federal Reserve Chair Janet Yellen will provide the Fed’ semi-annual Monetary Policy Report to the House Financial Services Committee and the Senate Banking Committee in February. It will be Yellen’s first appearance before the committees since the Fed ... Read more

FIO to Hold First Meeting of Working Group on Alternative Terrorism Risk Funding Mechanisms

February 8, 2016 The Federal Insurance Office put out a notice in April 2015 requesting applications for membership for a new advisory committee on risk-sharing mechanisms to voluntarily reinsure against losses from acts of terrorism. The FIO officially announced on Sep... Read more

In the World: NAMIC Comments on FSB Guidance on Resolution; Solvency II Effective 1-1-16; NAMIC to comment on IAIS Consultations

January 15, 2016 NAMIC submitted comments in January on the recent guidance paper issued by the Financial Stability Board providing guidance in the liquidation planning, referred to as “resolution strategies and planning,” of global systemically important insurance grou... Read more

TRIA Data Collection Efforts Still Under Development at State, Federal Levels

January 4, 2016 Under Section 111 of the TRIA reauthorization bill passed in January 2015, the Federal Insurance Office is now responsible for reporting annually on the state of the terrorism risk insurance market in order to judge the effectiveness of the TRIA program... Read more

In the Nation: Financial Experts Challenge FSOC’s Non-Bank SIFI Designation Process; House Approves the Policyholder Protection Act of 2015; NAMIC Engages in IAIS Discussions on HLA Requirement

December 10, 2015 The House Financial Services Subcommittee on Oversight and Investigations held a hearing on Nov. 19 that focused on the Financial Stability Oversight Council’s SIFI designation methodology. Jonathan Macey, Yale Law School professor, emphasized that FSOC... Read more

A Test for ‘Team USA’

December 4, 2015 You may remember NAMIC’s 119th Annual Convention at National Harbor, Maryland, in 2014. In front of a packed audience, there was much said as to how this “Team USA” would protect and advance the interests of the U.S. insurance industry at home and abroad. Read more

NAMIC to Participate in Treasury Meeting on International Insurance Regulation

November 30, 2015 NAMIC will participate in a Dec. 4 meeting at the U.S. Department of Treasury regarding ongoing activities at the International Association of Insurance Supervisors. The meeting will provide stakeholders the opportunity to share their view on IAIS’ acti... Read more

Terrorism Working Group Floats Data Collection Instrument

November 24, 2015 During its meeting on Nov. 19, the Terrorism Insurance Implementation (C) Working Group provided further details and insight regarding a new terrorism insurance data collection proposal that was unveiled by NAIC staff and a group of state regulators dur... Read more

NAMIC Urges Recognition for U.S. Regulatory Structure, Offers Caution on Covered Agreement

November 23, 2015 NAMIC today called on European insurance regulators to recognize the strength of the U.S. state-based insurance regulatory system, as officials on both sides of the Atlantic prepare for negotiations on a covered agreement dealing with insurance regulation. Read more

FIO, USTR Announce Negotiation of Covered Agreement With EU

November 23, 2015 The Federal Insurance Office and the Office of the United States Trade Representative sent a letter to Congress Nov. 20 announcing the initiation of negotiations for a “covered agreement” between the United States and the European Union. Covered agreeme... Read more

Disclosures: To Audit or Not to Audit

November 18, 2015 When the Statutory Accounting Principles Working Group meets on Nov. 19, financial statement disclosures will be a reoccurring topic. While many of these disclosures may not be subjected to the audited financial statements, there is such a thing as disc... Read more

NAMIC Urges Senate to Take Up Policyholder Protection Act After House Passage

November 17, 2015 The National Association of Mutual Insurance Companies welcomed passage today of the Policyholder Protection Act by the U.S. House of Representatives and urged leaders in the Senate to advance the bill. Read more

Public Policy Paper Explores ‘Best Practices’ for Regulating Insurance Premiums, Managing Natural Catastrophe Risk

November 16, 2015 NAMIC has released its most recent public policy paper , “Best Practices for Regulating Property Insurance Premiums and Managing Natural Catastrophe Risk in the United States,” exploring “best practices” regulating insurance premiums and managing natura... Read more

Public Policy Paper Explores ‘Best Practices’ for Regulating Insurance Premiums, Managing Natural Catastrophe Risk

November 16, 2015 Insurance regulators seeking to “protect consumers” after a natural disaster by suppressing the rate that homeowners insurers are allowed to charge end up doing more harm than good. Read more

In the Nation: FIO Meets With Stakeholders on TRIA Reporting; Activist Investor Suggests AIG Breakup; House Financial Services Committee Advances FSOC Reform Bills

November 13, 2015 The Federal Insurance Office hosted a meeting Oct. 19 for terrorism risk insurance coverage stakeholders to discuss its process for collecting data needed for its annual report on the effectiveness of the TRIA program. Representatives from NAMIC attende... Read more

In the World: IAIS Adopts HLA Standard; Pressure on U.S. Equivalence Mounts; U.S. Mutual Insurers Market Share at Record High

November 13, 2015 The International Association of Insurance Supervisors met in Morocco on Nov. 12 and adopted the Higher Loss Absorbency standard and made revisions to the insurance core principles. Despite numerous comments submitted on a variety of issues, little was ... Read more

Public Policy Paper Explores ‘Best Practices’ for Regulating Insurance Premiums, Managing Natural Catastrophe Risk

November 13, 2015 NAMIC has released its most recent public policy paper , “Best Practices for Regulating Property Insurance Premiums and Managing Natural Catastrophe Risk in the United States,” exploring “best practices” regulating insurance premiums and managing natura... Read more

House Financial Services Committee Holds Hearing on Federal Reserve’s Supervision of Financial System

November 9, 2015 The House Financial Services Committee held a hearing Nov. 4 in which Federal Reserve Chairman Janet Yellen addressed the committee as part of its required Semi-Annual Testimony on the Federal Reserve’s Supervision and Regulation of the Financial System... Read more

New Members Join FACI Meeting

November 9, 2015 The Federal Advisory Committee on Insurance held its 12th meeting Nov. 4, which included new members from United Policyholders, USAA, COUNTRY Financial, AIG, New York Life, the University of Wisconsin, and insurance regulators from Colorado, Connecticut... Read more

FIO’s Federal Advisory Committee Announces Additions, Two NAMIC Member Companies Included

November 2, 2015 The Federal Insurance Office announced 12 additions to its Federal Advisory Committee on Insurance Oct. 28, two of whom are involved in leading NAMIC member companies. Laura Bishop, executive vice president and chief financial officer at USAA, and Kurt ... Read more

Join NAMIC Staff for Update on New TRIA Reporting Requirements

October 26, 2015 NAMIC will host a conference call at 1 p.m. EDT Oct. 30 to discuss new reporting requirements created under the Terrorism Risk Insurance Program Reauthorization legislation passed at the beginning of this year. Section 111 of that bill mandates that the... Read more

FIO Holds Third Stakeholder Meeting on TRIA Data Reporting Today

October 19, 2015 The Federal Insurance Office will host its third meeting of interested stakeholders Oct. 19 to discuss reporting data relevant to terrorism risk insurance coverage and the market for it. Under Section 111 of the TRIA reauthorization bill passed at the b... Read more

In the Nation: Fed Governor Recognizes Differences Between Insurance Business Models; FSOC Transparency Legislation Introduced; TRIA Reporting Saga Continues

October 9, 2015 Federal Reserve Gov. Daniel Tarullo said that the traditional property/casualty insurance model does not appear to raise significant funding, fire sale, or other macro-prudential concerns in his remarks during a speech at the Banque de France Conference... Read more

In the World: Capital Requirements for GSIIs Issued; EU/U.S. Continue Talks on Covered Agreement

October 9, 2015 The International Association of Insurance Supervisors issued the first and last consultation of the higher loss absorbency (HLA) component of the capital requirements for global systemically important insurers in August. The Financial Stability Board a... Read more

FIO Announces Next Stakeholders Meeting on TRIA Data Collection

October 5, 2015 The Federal Insurance Office has announced when it will host its next meeting for key stakeholders to discuss the implementation of Section 111 of the Terrorism Risk Insurance Act reauthorization bill passed at the beginning of this year. Section 111 re... Read more

Federal Insurance Office Releases Annual Report on Insurance Industry in U.S.

October 5, 2015 The Federal Insurance Office released its 2015 Annual Report on the Insurance Industry Sept. 28, as required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. By law, the FIO must report annually to the president and Congress on the s... Read more

House Insurance Panel Examines the Effect of Domestic Regulatory Standard on U.S. Insurers

October 5, 2015 Rep. Blaine Luetkemeyer, R-Mo., chairman of the House Financial Services Subcommittee on Housing and Insurance, held a hearing Sept. 29 titled “The Impact of Domestic Regulatory Standards on the U.S. Insurance Market.” NAMIC submitted testimony in advan... Read more

FIO Releases Assessment of Natural Catastrophe Insurance

October 5, 2015 The Federal Insurance Office released a report Sept. 25 examining the current market for natural disaster insurance. The report, called for by the Biggert-Waters Flood Insurance Reform Act of 2012, sought to assess: The current condition of, as well as ... Read more

NAMIC Members Gather for 120th Annual Convention

September 28, 2015 SAN DIEGO, Sept. 28, 2015 – The 120th Annual Convention of the National Association of Mutual Insurance Companies kicked off today in San Diego. Read more

NAMIC Says Mitigation Should be the Goal for Congress on Regulation, Natural Disasters

September 25, 2015 Congress can best ensure a vibrant insurance marketplace by exercising strong oversight over federal and international intrusions into the state-based system of insurance regulation and by shifting federal disaster policy to reduce the risk to communiti... Read more

House Financial Services Subcommittee to Hold Hearing on Domestic Regulatory Standards

September 25, 2015 The House Financial Services Subcommittee on Housing and Insurance will hold a hearing Sept. 29 at 2 p.m. in Room 2128 of the Rayburn House Office Building. The hearing was set by Chairman Blaine Luetkemeyer, R-Mo., and will be focused on domestic insur... Read more

FIO Creates New Advisory Council on Private Risk-Sharing Mechanisms for Terrorism Losses

September 25, 2015 The Federal Insurance Office announced on Sept. 23 the creation of a nine-member advisory council called the Advisory Committee on Risk-Sharing Mechanisms, which was authorized earlier this year in legislation reauthorizing the Terrorism Risk Insurance ... Read more

FIO Holds Second Stakeholder Meeting on TRIA Reporting

September 14, 2015 The Federal Insurance Office hosted its second meeting Sept. 9 at the Treasury Department for key stakeholders to discuss the implementation of Section 111 of the Terrorism Risk Insurance Act reauthorization bill passed at the beginning of this year. Se... Read more

In the Nation: FIO Engages Industry; NAMIC Sends Letter on Covered Agreements; Congress Looks at Fed Reforms

September 10, 2015 The Federal Insurance Office hosted several meetings recently that NAMIC has attended related to terrorism risk and capital standards , and it has other meetings scheduled in September to continue the discussions. The National Association of Insurance C... Read more

NAMIC to Host Webinar Sept. 10 in Advance of National Preparedness Day

September 8, 2015 NAMIC will be hosting a webinar at 2 p.m. on Sept. 10 to help the Federal Emergency Management Agency spread the grassroots message on how NAMIC member companies can get involved in the lead up to National Preparedness Day on Sept. 30, 2015. NAMIC and t... Read more

FIO to Hold Meeting on TRIA Data Reporting Sept. 9

September 8, 2015 The Federal Insurance Office will hold its second meeting of interested stakeholders, including NAMIC and other industry representatives, at the Treasury Department on Sept. 9 to discuss the data collection process for the office’s mandated study on the... Read more

Missouri: NAMIC Urges Workers’ Comp Regulator to Redraft Second Injury Fund Lifetime Benefits Proposal

August 31, 2015 NAMIC submitted a comment letter on Aug. 31 to the Missouri Division of Workers’ Compensation opposing a proposed regulation to define when lifetime benefits under the Second Injury Fund can be terminated. Instead, NAMIC urged that the division draft a ... Read more

NAMIC Submits Comments on FIO’s Definition of ‘Affordable’ Auto Insurance

August 31, 2015 The Federal Insurance Office has solicited public comments on a proposed definition that would be used to conduct a study on whether automobile insurance was available and affordable for low- and moderate-income individuals in the United States. NAMIC r... Read more

Disclosures Related to Investments, Reserving Dominate Accounting Group

August 25, 2015 While the Financial Condition (E) Committee discussed the merits of statutory accounting, the task forces and working groups that report to the committee had several accounting and reporting and disclosure issues on the agenda in Chicago. All exposures ... Read more

TRIA Blanks Supplement Rejected by Accounting Task Force

August 25, 2015 In a surprise move, the Accounting Practices and Procedures (E) Task Force voted to scuttle a controversial terrorism insurance Blanks supplement to the Annual Financial Statement. The proposed Blanks supplement had previously been adopted by the Blanks... Read more

Auto Study Group Exposes Data Template, Discusses FIO Affordability Study

August 25, 2015 For the second time in less than a year, the Automobile Insurance (C/D) Study Group voted to expose for public comment its proposed “data call template.” The template is designed to elicit a vast quantity of information from insurers regarding their cri... Read more

House Financial Services Committee to Examine Domestic Insurance Issues

August 24, 2015 While much of August has been quiet in terms of congressional activity, staff members for the House Financial Services Subcommittee on Housing and Insurance has indicated that they are tentatively setting a hearing on domestic insurance issues for the e... Read more

FIO Announces Next Stakeholder Meeting to Discuss TRIA Data Reporting

August 24, 2015 As NAMIC reported last week , the Federal Insurance Office held its first meeting of interested stakeholders, including NAMIC and other industry representatives, at the Treasury Department on Aug. 12. A second meeting is scheduled for Sept. 9. The legis... Read more

Stakeholders Weigh-In on New Solvency Standards for Global Systemically Important Insurers

August 17, 2015 NAMIC attended an Aug. 11 meeting hosted by the Federal Insurance Office at the Treasury Department to discuss the International Association of Insurance Supervisors’ work on developing new capital standards for the nine global systemically important in... Read more

FIO Holds Meeting on Data Collection for New Annual Terrorism Insurance Report

August 17, 2015 The Federal Insurance Office hosted a stakeholder meeting Aug. 12 at the Treasury Department to discuss the collection of data needed for a new report on the terrorism risk insurance market required by the reauthorization of the TRIA program passed in J... Read more

Auto Study Group to Discuss Data Template, Consumer Reports Article

August 12, 2015 When it meets on Aug. 15, the Automobile Insurance (C/D) Study Group will be led for the third time in the last three NAIC national meetings by a different Massachusetts insurance commissioner. This time, it will be Daniel Judson, who was appointed to t... Read more

Blanks Working Group Tackles Cyber and Terrorism

August 12, 2015 Exciting times are expected in the Blanks Working Group at this meeting. Prior to the summer meeting, the working group adopted a new cybersecurity supplement aimed at collecting cybersecurity insurance market information. In a related issue, the workin... Read more

Reinsurance Task Force to Meet in Chicago

August 12, 2015 The Reinsurance Task Force will meet at the NAIC summer meeting in Chicago and will discuss the status of states’ adoption of its 2011 revisions to the model act and regulations, the Federal Insurance Office plans to develop a trade agreement with the E... Read more

TRIA Data Collection is Subject of Blanks Proposal

August 12, 2015 The Terrorism Insurance Implementation (C) Working Group recently voted to refer a new blanks proposal regarding terrorism insurance to the Blanks (E) Working Group. The latter working group will discuss the proposal when it meets in Chicago on Aug. 15.... Read more

NAMIC Supports Efforts to Increase Transparency of FSOC, OFR

August 3, 2015 Before returning to his district for the remainder of the summer, Rep. Tom Emmer, R-Minn., introduced legislation that would enhance the ability of Congress to oversee two bodies created by the Dodd-Frank Act, the Financial Stability Oversight Council a... Read more

NAMIC Sends Treasury Secretary, U.S. Trade Representative Letter on Covered Agreements

August 3, 2015 Charles M. Chamness, NAMIC president and CEO, sent a letter to Treasury Secretary Jack Lew and United States Trade Representative Michael Froman July 28 regarding the use of an international “covered agreement” to alter the way reinsurance collateral is... Read more

Federal Advisory Committee on Insurance to Discuss International Insurance Regulation, Auto Affordability Issues

July 27, 2015 The U.S. Department of Treasury has announced an upcoming open meeting of the Federal Advisory Committee on Insurance. The committee will meet from 1 p.m.-5 p.m. on Aug. 6 to discuss a number of issues important to NAMIC members, including developments ... Read more

The Dodd-Frank Wall Street Reform and Consumer Protection Act at Five

July 21, 2015 The purported purpose of the Dodd-Frank Wall Street Reform and Consumer Protection Act was to promote financial stability by improving accountability and transparency in the financial system, to end “too big to fail,” to end bailouts, and to prevent abu... Read more

House Could Move to Financial Services and General Government Appropriations Bill This Week

July 13, 2015 The Financial Services and General Government Appropriations Bill of 2016 could be brought to a vote in the House during the week of July 13, if lawmakers can resolve unrelated political issues and resume work on spending bills Summer is typically the t... Read more

House Financial Services Committee Set to Hold Hearing on Domestic Insurance Issues

July 13, 2015 Chairman Blaine Luetkemeyer, R-Mo., of the House Financial Services Subcommittee on Housing and Insurance has tentatively set a hearing for July 23 to cover a number of domestic insurance issues. The focus of the hearing will be on the Financial Stabili... Read more

NAMIC Submits Comments on TRIA Implementation Supplement

July 13, 2015 As reported , the bill reauthorizing the Terrorism Risk Insurance Act contains a provision mandating that the Federal Insurance Office begin producing an annual study on the private market for terrorism insurance. This study will likely require insurers... Read more

In the World: IAIS ExCo Meets With Stakeholders; ICS Timetable Changed; Multiple Consultations Open for Comment Until August

July 10, 2015 Stakeholders met with representatives of the International Association of Insurance Supervisors in June during the Global Seminar Meetings in Macau. Under the limited rules on stakeholder participation in IAIS committee meetings, this represents the pri... Read more

FIO Seeks Feedback on Metrics for Study of ‘Availability and Affordability’ of Auto Insurance

July 6, 2015 The Treasury Department’s Federal Insurance Office issued a wide-ranging notice and request for information July 1 that seeks to define what constitutes affordable auto insurance for minorities and low- and moderate-income individuals. The Dodd-Frank Wa... Read more

NAMIC Preparing for Mandated FIO Study of Terrorism Insurance Market

July 6, 2015 Contained within the bill reauthorizing the Terrorism Risk Insurance Act passed at the beginning of 2015 is a provision mandating that the Federal Insurance Office begin producing an annual study on the private market for terrorism insurance. Beginning ... Read more

NAIC Commercial Lines Working Group Issues Recommendations

July 2, 2015 The Commercial Lines Modernization (EX) Working Group has finalized its recommendations to its parent Speed to Market (EX) Task Force, recommending that the task force disband the working group upon completion of its charges. NAMIC has been an active pa... Read more

Treasury Secretary Questioned on International Agreements in House FSOC Hearing

June 22, 2015 The House Committee on Financial Services held a hearing June 17 on “The Annual Report of the Financial Stability Oversight Council,” where the sole witness was Treasury Secretary and FSOC Chairman Jacob Lew. During the hearing, Rep. Michael Capuano, D-... Read more

In the World: International Monetary Fund Grades U.S. System of Insurance; U.S., E.U. to Negotiate Reinsurance Collateral Requirements; IAIS Stakeholder Meetings in the U.S.

May 14, 2015 The International Monetary Fund released its assessment of the U.S. insurance regulation system. In its report “Financial Sector Assessment Program – Detailed Assessment of Observance of Insurance Core Principles,” the IMF compares state and federal ins... Read more

Congress Wraps Up Week of Insurance Hearings

May 4, 2015 Congress held three hearings on insurance regulation between April 28 and April 30, including one featuring the testimony of Kurt Bock , CEO of NAMIC member company COUNTRY Financial. Sen. Richard Shelby, R-Ala., chairman of the Senate Banking Committee... Read more

Legislation Focused on International Insurance Agreements Introduced in House, Senate

May 4, 2015 Sens. Dean Heller, R-Nev., and Jon Tester, D-Mont., introduced legislation April 28 titled “International Insurance Capital Standards Accountability Act of 2015,” while Rep. Sean Duffy, R-Wis., introduced the “International Insurance Standards Transpare... Read more

Insurance Industry Leaders Call for Oversight, Clarity on Insurance Issues

April 30, 2015 WASHINGTON – Congressional oversight will be vital to ensuring the state-based insurance regulatory system that has protected consumers for more than 150 years is not undermined by federal or international regulatory encroachment, according to key insur... Read more

House Insurance Panel Examines the Effect of International Regulatory Standards on Insurers

April 29, 2015 The House Financial Services Subcommittee on Housing and Insurance, chaired by Rep. Blaine Luetkemeyer, R-Mo., examined the ongoing efforts to create international insurance capital standards, and in particular how such a standard will affect U.S. insur... Read more

Senate Banking Committee Examines Insurance Regulation

April 28, 2015 The Senate Banking Committee held a hearing April 28 titled “The State of the Insurance Industry and Insurance Regulation,” examining the state of the industry, the differences between banks and insurers, and ongoing efforts to create domestic and inter... Read more

International Release of 2015 Scores for U.S. Insurance Regulation

April 28, 2015 The 2008 financial crisis had innumerable consequences on the economies of the United States and countries around the world – some obvious; some not. One unexpected consequence was the growing influence of international authorities on the way the U.S. i... Read more

NAMIC Testifies on Capitol Hill During Week of Insurance Hearings

April 27, 2015 During a hearing, of the Senate Banking Committee – one of three being held this week in the House and Senate – NAMIC will raise important questions regarding the international pressures to adopt global regulatory standards and the increased federal inv... Read more

Senate Banking Committee appoints investigative team

April 27, 2015 New for the current Congress, Senate Banking Committee Chairman Richard Shelby, R-Ala., has established an investigative team to look into a range of issues from financial regulation to insurance fraud. The move is not a surprise as Shelby has long want... Read more

Federal Advisory Committee on Insurance to Meet on Cybersecurity, Other Issues

April 27, 2015 The Department of the Treasury has announced an upcoming open meeting of the Federal Advisory Committee on Insurance May 7, from 1:00-5:00pm EDT. The committee will discuss a number of issues, including cybersecurity related to the insurance industry, r... Read more

NAMIC to Testify Before Congress During Big Week for Insurance Issues

April 23, 2015 The U.S. House and Senate will hold three hearings next week focused on the issues facing the U.S. insurance industry. The first two panels of witnesses will be comprised solely of government officials and regulators, but NAMIC has been selected to prov... Read more

Treasury Seeking Applicants for Terrorism Risk Advisory Panel

April 20, 2015 The U.S. Department of the Treasury is seeking directors, officers, or other employees of insurers, reinsurers, or capital market participants to serve on an advisory committee on risk-sharing mechanisms to reinsure against losses from terrorism and enc... Read more

In the World: 2015 FSAP on U.S. Insurance Regulation Released

April 9, 2015 The 2015 Financial Sector Assessment Program report on U.S. insurance regulation was just released by the International Monetary Fund. In 2010 the IMF last assessed the insurance laws and regulations in the U.S. to determine their compliance with the In... Read more

In the Nation: Senate Hearing on SIFI Designations; Policyholder Protection Bill Gets Bipartisan Support; EU/U.S. Covered Agreements for Reinsurance Collateral

April 9, 2015 The Senate Banking Committee held a hearing on March 25 that focused on the Financial Stability Oversight Council’s designations of nonbank financial firms as systemically important financial institutions. NAMIC submitted a written statement differentia... Read more

International Issues: Group Capital, 2015 FSAP

April 7, 2015 The International Association of Insurance Supervisors consultation draft of the Insurance Capital Standard was the topic of discussion in the ComFrame Development Analysis (G) Working Group. CDAWG submitted comments in February to the International Ass... Read more

RAA ‘Pre-Empts’ Reinsurance Task Force Meeting

April 7, 2015 One of the more interesting meetings during the NAIC Spring Meeting in Phoenix was the Reinsurance Task Force. The meeting started with updates on the adoption of the Credit for Reinsurance Model Act, which 26 states have enacted and two states awaiting... Read more

Commercial Lines Working Group to Host Webinar on Interstate Compact

April 7, 2015 As it works to finalize its recommendations to its parent Speed to Market (EX) Task Force, the Commercial Lines (EX) Working Group will host a webinar April 7 on the Interstate Insurance Product Regulation Commission. The working group has been working ... Read more

Accreditation, Model Laws: Confidentiality Concerns

April 7, 2015 The first round of revisions to the Holding Company Act was adopted by the NAIC in December 2010 in response to the financial crisis and the need for enhanced group supervision. Since that time 45 states and Puerto Rico have enacted the revised model in... Read more

Confidentiality in Model Laws

March 25, 2015 The first round of revisions to the Holding Company Act was adopted by the NAIC in December 2010 in response to the financial crisis and the need for enhanced group supervision. Since that time 41 states and Puerto Rico have adopted the revised model in... Read more

Senate Banking Committee to Hold Hearing on FSOC Accountability Over Nonbank Designations of SIFIs

March 23, 2015 Treasury Secretary Jacob Lew will testify March 25 before the Senate Banking Committee, his second appearance before a congressional committee in as many weeks. Lew testified last week before the House Financial Services Committee on the state of the in... Read more

Treasury Secretary Addresses International Insurance Issues Before House Financial Services Committee

March 18, 2015 Treasury Secretary Jacob Lew testified before the House Financial Services Committee March 17 on the State of the International Finance System. Questions from lawmakers during the hearing ranged from the International Monetary Fund, to the Financial Sta... Read more

NAMIC Submits Comments on TRIA Certification Process

March 9, 2015 NAMIC filed comments with the Federal Insurance Office March 6 regarding the process by which an act of terrorism gets officially certified for purposes of qualifying for coverage under the Terrorism Risk Insurance Program. The recently passed TRIA reau... Read more

Lawmakers Question Fed Chair on Treatment of Insurers

February 26, 2015 Federal Reserve Chair Janet Yellen testified for the first time in 2015 before the Senate Banking Committee Feb. 24, and before the House of Representatives Financial Services Committee the following day, to report on the state of monetary policy and th... Read more

Treasury Hosts Third Meeting of IAIS Stakeholders

February 23, 2015 The Federal Insurance Office, Federal Reserve, and National Association of Insurance Commissioners, as well as several individual state representatives, will be meeting with insurance industry representatives from 27 different companies and trade associ... Read more

FACI to Hold Next Meeting

February 9, 2015 The Federal Advisory Committee on Insurance will hold its next open meeting Feb. 10, at 1 p.m. EST in the Cash Room of the Department of Treasury. More information on the FACI and its meetings can be found here. According to the agenda released to the p... Read more

FIO Releases TRIA Interim Guidance, Seeks Comment on Event Certification Process

February 4, 2015 In interim guidance released Feb. 4, the Treasury Department’s Federal Insurance Office set an April 13, 2015, deadline for insurance companies to make certain disclosures and offers to comply with the Terrorism Risk Insurance Act program, and detailed ... Read more

New Congress Focused on Cyber Security Issues

February 2, 2015 Less than a month into the first session of the 114th Congress, the Senate will have already held three hearings on cyber security. The Senate Homeland Security and Governmental Affairs Committee held its first hearing on Jan. 28 titled “Protecting Amer... Read more

NAMIC-Led BuildStrong Coalition Starts Strong in 2015

January 20, 2015 While we are only a few weeks into the new year, the BuildStrong Coalition is wasting no time engaging the 114th Congress on a national disaster mitigation strategy. The coalition has continued to expand and is now comprised of insurers, emergency manag... Read more

FIO Releases Reinsurance Report

January 5, 2015 The Federal Insurance Office released its report Dec. 31 titled “The Breadth and Scope of the Global Reinsurance Market and the Critical Role Such Market Plays in Supporting Insurance in the United States.” Overall, the report is mostly a reiteration of... Read more

International Capital, Other Issues Are in Forefront at NAIC

December 2, 2014 International topics were discussed at several points during the Fall National Meeting. Topics included the efforts related to group capital, reduced participation for stakeholders at the IAIS, covered agreements (trade agreements) to adopt reinsurance ... Read more

Auto Study Group Discusses Data Template, Report Compendium

December 2, 2014 The Automobile Insurance (C/D) Study Group met on Nov. 16 and primarily discussed comments it received from regulators and interested parties, including NAMIC , in response to its proposed “data call template.” The template is designed to elicit a vast ... Read more

Busy Lame Duck for Property/Casualty Industry

November 24, 2014 Although the headlines have been dominated by the president’s recent executive action on immigration, there has been a lot happening in Washington, D.C., since the Nov. 4 elections. Upon its return following Veteran’s Day, Congress was in session for tw... Read more

Federal Insurance Office Hosts Industry Meeting on Cyber Insurance

November 24, 2014 The Federal Insurance Office hosted a meeting Nov. 20 with representatives of the property/casualty insurance and reinsurance industries to discuss the emerging market for cyber insurance. The goal of the meeting was to better understand how companies w... Read more

Report on Costs of Global Capital Standards Released

November 18, 2014 A report released Nov. 18 has brought greater clarity to the potential costs of ongoing efforts to establish global capital standards and impose them on U.S. companies. “Unnecessary Injury: The Economic Costs of Imposing New Global Capital Requirements ... Read more

NAMIC Submits Testimony for House Hearing on International Insurance Standards

November 17, 2014 The House Financial Services Subcommittee on Housing and Insurance will hold a hearing Nov. 18 titled “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II.” The hearing will focus on the various internationa... Read more

International Developments at NAIC

November 12, 2014 Since the summer national meeting the ComFrame Development Analysis Working Group held a half-day event for review of all significant proposals for a U.S Group Capital Standard. It considered proposals from several life and property/casualty companies. ... Read more

Data Template, Price Optimization, CARFAX Rating Tool Top Auto Study Agenda

November 12, 2014 The Auto Insurance (C/D) Study Group will be hard pressed to cover its entire ambitious agenda during its hour-long meeting on Nov. 16. The study group will first discuss the comments it received from regulators and interested parties, including NAMIC, ... Read more

FACI Eyes Cybersecurity, Auto Affordability, Global Talks

November 10, 2014 The Federal Advisory Committee on Insurance met Nov. 6 and heard (a) National Institute of Standards and Technology, a division of the Commerce Department, on developments in the cyberinsurance market and a cybersecurity framework developed by the Obama... Read more

In the Nation: Treasury Meeting on Capital; MetLife to Appeal SIFI Designation; Federal Reserve Requests Insurer Information; NAMIC Members Opposed to IAIS Changes in Transparency

November 10, 2014 The U.S. Treasury held a meeting of regulatory and industry stakeholders Oct. 31 to discuss the IAIS efforts to develop an Insurance Capital Standard. The goal was to develop a “Team USA” approach to international capital standards that could be advance... Read more

Full Slate of Issues at the IAIS Annual Meeting

November 4, 2014 As part of a strategic effort to expand NAMIC's reach into the growing international issues arena, NAMIC staff participated in the 2014 Annual Meeting of the International Association of Insurance Supervisors in Amsterdam. Neil Alldredge, senior vice pr... Read more

NAMIC Attends Treasury Meeting on International Capital Standards

November 3, 2014 The Treasury Department held a meeting of industry stakeholders Oct. 31 to discuss the International Association of Insurance Supervisors’ work on developing a group capital standard for Internationally Active Insurance Groups. The meeting included repr... Read more

NAMIC Comments to FIO on Availability and Affordability of Automobile Insurance

October 23, 2014 In June 2014, NAMIC filed comments on FIO’s request for public comment regarding: (1) a reasonable and meaningful definition of affordability; and (2) the metrics and data FIO should use to monitor the extent to which traditionally underserved communiti... Read more

NAMIC Comments with Treasury Re: FIO

October 23, 2014 In September 2010, NAMIC filed comments with Treasury expressing its concerns with FIO; including the power of the FIO to make data calls and request document production, and the potentially duplicative information gathering and collection requirements ... Read more

NAMIC expresses concern over the broad authority given to FIO

October 23, 2014 In November 2009, NAMIC sent a letter to Chairman and Ranking Member, House Financial Services Committee expressing concern over the broad authority given to FIO, the potential for FIO to preempt state insurance measures, and the broad authority to comp... Read more

BuildStrong Executive Committee Meets With Administration Officials

October 20, 2014 The BuildStrong Coalition’s executive committee held a meeting Oct. 17 in Washington, D.C., to discuss the strategy for 2015 with a number of outside parties invited to address the group. The meeting started out with a discussion of a new proposed membe... Read more

NAIC: Commercial Lines Working Group May Call for Consideration of Interstate Compact

October 17, 2014 As it begins work on developing recommendations to its parent committee, the NAIC’s Commercial Lines (EX) Working Group is considering whether and how to make a recommendation relative to the development of an interstate compact for commercial lines. Th... Read more

South Carolina: Meetings Recap 2014 Session; Preview 2015 Legislative Activity

October 16, 2014 Several insurance-industry-related meetings were held the week of Oct. 6 in South Carolina. The SC Insurance News Service conducted its annual members and legislative meetings, the South Carolina Department of Insurance hosted its legislative and regula... Read more

In the Nation: House Passes Capital Bill; FHLB Proposed Rules; FIO Annual Report Released; NAMIC Convention Panel

October 9, 2014 The House of Representatives passed legislation that would ensure more accurate and effective regulation for those insurance companies designated for supervision by the Federal Reserve. Although the Senate passed similar legislation in June , the Insura... Read more

In the World: U.S. Insurance Regulatory Assessment Underway; IAIS Requests Capital Proposal From North American CRO Council

October 9, 2014 The International Monetary Fund is currently conducting an assessment of U.S. insurance regulation due to be completed in 2015. The first step in the process has been completed and includes a self-assessment by U.S. regulators of their compliance with t... Read more

ICYMI: Regulator, Policymaker Panel Discusses the Future of Insurance Regulation at NAMIC Convention

September 29, 2014 Attendees at NAMIC’s 119th Annual Convention heard from some of those with a voice in the ongoing efforts in Washington and across the globe to change how insurance is regulated as regulators and would-be regulators offered their perspectives. Former se... Read more

IMF to Conduct U.S. Financial Sector Review

September 29, 2014 NAMIC took part in a briefing held at Treasury Sept. 15 on the upcoming 2015 Financial Sector Assessment Program being conducted by the International Monetary Fund. The FSAP was created by the IMF following the 1999 Asian financial crisis as a voluntary... Read more

Congress Criticizes Lack of Transparency at IAIS

September 29, 2014 While Congress was in session in September, lawmakers in both the House of Representatives and the Senate introduced a resolution expressing the sense of Congress that recently proposed measures at the International Association of Insurance Supervisors ... Read more

FIO Releases Second Annual Report

September 29, 2014 The Federal Insurance Office issued its second annual report Sept. 24, noting that the property/casualty insurance sector has enjoyed growth in recent years. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, FIO must report annually t... Read more

Extraordinary Panel Discusses the Future of Insurance Regulation at NAMIC Convention

September 24, 2014 All facets of the U.S. insurance regulatory structure came together at the 119th annual convention of the National Association of Mutual Insurance Companies in a first-of-its-kind panel discussion of the future of insurance regulation. Former senator an... Read more

NAMIC Honors Chairman’s Award Winner John Hill for Leadership, Service

September 22, 2014 NATIONAL HARBOR, Md. (Sept. 22, 2014) – John Hill, II, president and chief operating officer of New York City-based Magna Carta Companies, was presented with the National Association of Mutual Insurance Companies’ Chairman’s Award today during the assoc... Read more

NAMIC Members Gather for 119th Annual Convention

September 22, 2014 NATIONAL HARBOR, Md. (Sept. 22, 2014) – The 119th Annual Convention of the National Association of Mutual Insurance Companies kicked off today in National Harbor, Md., officially beginning the annual meeting of the largest trade association in the prope... Read more

Convention … A Little Differently

September 17, 2014 Out of office messages will soon be set and bags will soon be packed as more than 1,100 NAMIC members and their guests prepare to descend upon National Harbor, Maryland, for the 119th Annual Convention that kicks off this weekend. But for those NAMIC me... Read more

Senate Banking Committee to Hold Hearing on Wall Street Reform

September 8, 2014 The Senate Banking Committee will hold a hearing Sept. 9 titled “Wall Street Reform: Assessing and Enhancing the Financial Regulatory System.” Since the Federal Insurance Office was created under the Dodd-Frank Reform Act and given powers to represent t... Read more

In the Nation: SIFI Designation Progresses; FASB Disclosures Unveiled; 2014-2015 FACI Members Named

September 4, 2014 MetLife is one step away from being designated a “systemically important financial institution.” If designated, it would join American International Group, General Electric Capital Group, and Prudential Financial as U.S.-domiciled nonbank SIFIs. The Fin... Read more

Resolution Plans Will Not be Required at This Time

August 25, 2014 The Receivership and Insolvency Task Force had a busy meeting including adopting new model guidelines, completing its charge related to resolution plans, and initiating a review of the uniformity of receivership/guaranty fund laws around the country. Th... Read more

Property Casualty Committee Creates Catastrophe Response, Ride-Sharing Working Groups

August 25, 2014 The NAIC’s Property and Casualty Insurance (C) Committee created new working groups to address catastrophe response issues and ride-sharing during its Aug. 18 meeting. The ride-sharing working group will be chaired by California Insurance Commissioner D... Read more

Cultural Efficiency

August 20, 2014 Being operationally efficient has important implications on a company’s bottom line. At the core, the more operationally efficient a company is, the healthier its bottom line should be. So it would seem logical that companies seeking increased efficienc... Read more

Auto Study Group Meeting Has Full Agenda

August 14, 2014 The Auto Insurance (C/D) Study Group plans to discuss several items of interest when it meets on Aug. 16. First, like NAMIC and numerous other interested parties, the NAIC responded to the Federal Insurance Office’s request for comments on how to define... Read more

Market Regulation Committee to Discuss Accreditation Program

August 14, 2014 The Market Regulation and Consumer Affairs (D) Committee will discuss the development of a market regulation accreditation program when it meets on Aug. 18 during the Summer National Meeting. The committee adopted a new charge at the previous national m... Read more

Wisconsin: NAMIC, Wisconsin Insurance Alliance Urge Regulator to Support Enterprise Risk Report Flexibility

August 8, 2014 NAMIC and our state trade advocacy partner, the Wisconsin Insurance Alliance, called upon the Wisconsin Office of the Commissioner of Insurance in a letter dated Aug. 6 to support the flexible implementation of Form F, or the Enterprise Risk Report requ... Read more

In the Nation: FIO/Fed Meeting; Yellen Supports Capital Amendment; SEC Action on Money Market Mutual Funds

August 7, 2014 NAMIC’s federal and international team met with officials from the Federal Reserve and the Federal Insurance Office to discuss the developments around a global group capital requirement. The meetings provided an opportunity to share our members’ concern... Read more

FACI to Take on Organizational Issues at Aug. 7 Meeting

August 4, 2014 Following the creation of the Federal Insurance Office under Dodd Frank, the Treasury Department established the Federal Advisory Committee on Insurance. The purpose of the FACI was to present advice and recommendations to assist FIO in carrying out its... Read more

In the Nation: Former State Commissioner, Regulator Move to Federal Positions; A Call for FSOC Transparency; Cat Bonds Reach Record Levels

July 10, 2014 The Federal Reserve hired Thomas Sullivan, former Connecticut insurance commissioner, to bring additional insurance expertise to the Fed. According to reports, Sullivan will represent the Fed in all domestic and international insurance standard-setting ... Read more

Minnesota: NAMIC, Insurance Federation of Minnesota Urge Regulator to Put Enterprise Risk Report Flexibility in Holding Company Rules

July 2, 2014 NAMIC and our state trade advocacy partner the Insurance Federation of Minnesota called upon the Insurance Division of the Minnesota Department of Commerce in a letter dated June 30 to use the authority granted under the state’s recently amended holding... Read more

Illinois: NAMIC Urges Regulator to Put Enterprise Risk Report Flexibility in Holding Company Rules

June 30, 2014 NAMIC called upon the Illinois Department of Insurance in a letter sent on June 30 to use the authority granted under the state’s holding company law to incorporate a provision in its upcoming rulemaking to create flexibility in applying the Form F, or ... Read more

Iowa: NAMIC Urges Regulator to Put Enterprise Risk Report Flexibility in Holding Company Rules

June 27, 2014 NAMIC called upon the Iowa Insurance Division in a letter sent on June 27 to use the authority granted under the state’s holding company law to incorporate in its upcoming rulemaking a provision to create flexibility in applying the Form F, or Enterpris... Read more

NAMIC Tells FIO Competition Makes Auto Insurance Affordable

June 9, 2014 The federal government should avoid imposing any regulations on insurers to impose “affordability,” the National Association of Mutual Insurance Companies said in written comments submitted to the Federal Insurance Office on Monday, June 9. Robert Detle... Read more

NAMIC Provides Comments to FIO on Auto Coverage ‘Affordability’

June 9, 2014 Pursuant to the Dodd-Frank Act, the Federal Insurance Office requested comments regarding: (1) a reasonable and meaningful definition of affordability; and (2) the metrics and data FIO should use to monitor the extent to which traditionally underserved ... Read more

NAMIC Supports Legislation to Clarify Federal Authority on Insurance

May 20, 2014 The National Association of Mutual Insurance Companies voiced strong support for legislation that would clarify oversight of some insurance-related financial entities by federal regulators and limit federal intrusion on insurance regulation at a May 20 ... Read more

NAMIC to Testify as House Panel Considers Insurance Legislation

May 12, 2014 A NAMIC representative will be testifying at a May 20 House Financial Services Committee hearing on five bills and discussion drafts regarding insurance issues. Among two discussion drafts that could be introduced as legislation is the Insurance Data Pr... Read more

International Capital Standards: A Bad Idea

May 6, 2014 (Apologies for the length, complexity and new acronyms, but you need to read this …) We are part of a heavily regulated industry. As a result, we spend significant time and resources ensuring a well-reasoned and effective insurance regulatory environmen... Read more

NAMIC Co-Sponsors U.S.-EU Symposium

April 22, 2014 The 5th U.S.-EU Insurance Symposium , scheduled for April 30 in Washington, D.C., will debate insurance regulatory issues related to Solvency II, FIO Modernization Report, the Dodd-Frank Act, and U.S.-EU group supervision. The event is organized by the ... Read more

Administration Releases Study on Terrorism Risk Insurance Markets

April 21, 2014 The President’s Working Group on Financial Markets released on April 17 its third and final statutorily required study titled “The Long-Term Availability and Affordability of Insurance for Terrorism Risk.” As part of reauthorization legislation, the PWG... Read more

FIO Seeks Definition of ‘Affordability’

April 14, 2014 The Federal Insurance Office issued a notice on April 10 soliciting comments regarding a definition of “affordability” of auto insurance and metrics and data that FIO should use to monitor access to affordable auto insurance. Although this notice is lim... Read more

NAMIC Addresses Risk Classification, Rate Regulation in Industry Liaison Meeting

April 9, 2014 During the Industry Liaison meeting on March 30, NAMIC provided regulators with its perspective on the way in which two issues – risk classification and rate regulation – were addressed in the Federal Insurance Office’s report on ways to modernize insur... Read more

Responding to FIO Report, Market Regulation Committee to Survey States on Handbook Use

April 9, 2014 In response to a recommendation in the Federal Insurance Office report on the modernization of insurance regulation, the Market Regulation and Consumer Affairs (D) Committee will survey states on their use of the NAIC Market Regulation Handbook. The FIO... Read more

NAMIC to Review FIO Report Issued During Industry Liaison Meeting

March 28, 2014 NAMIC and other trade associations will discuss various topics addressed in the Federal Insurance Office report on modernizing insurance regulation during the March 30 meeting of the Industry Liaison Committee. NAMIC will address the issues of rate mode... Read more

TRIA Reauthorization Heads Up Banking, Financial Services Agenda for Remainder of Congress

March 24, 2014 The current Terrorism Risk Insurance Program is set to expire in December and reauthorization legislation has been a top priority for the property/casualty insurance industry in the 113th Congress. More than half of Congress was not in office during the... Read more

White House Unveils FY2015 Budget Proposal

March 10, 2014 The Obama administration released its budget proposal for fiscal year 2015 on March 4. While the document is largely advisory, as Congress sets the actual budget and spending levels for the federal government, it provides a glimpse of how the administra... Read more

FASB Decision is a “Major Victory” for U.S. Insurers: NAMIC

February 19, 2014 The decision by the Financial Accounting Standards Board today to abandon its convergence efforts with the International Accounting Standards Board on insurance contracts represents a major victory for the U.S. insurance industry, according to the Natio... Read more

Progress Amid Politics on Tap for 2014 in Washington

February 12, 2014 As in state advocacy, NAMIC takes its cues for its federal agenda from a member-driven committee. Federal Affairs Committee members recently completed their planning session and have identified for NAMIC action a number of important issues facing our in... Read more

Fed Chair to Testify Before Congress

February 10, 2014 The House Financial Services and Senate Banking Committees are scheduled to hear testimony from the new chair of the Federal Reserve, Janet Yellen, this week. The first female to run the Fed and formerly the vice chair, Yellen replaced Ben Bernanke who ... Read more

The Nation: FIO Insurance Study – NAMIC at House Hearing

February 7, 2014 The House Financial Services Committee held a hearing to discuss the Federal Insurance Office report “How to Modernize and Improve the System of Insurance Regulation in the United States” issued in December. Representatives from the NAIC and industry we... Read more

NAMIC Cautions Against Federal Encroachment on State Regulation

February 4, 2014 Creating new federal insurance regulations, even in a limited capacity, will not provide a panacea for the problems of the current state-based system, the National Association of Mutual Insurance Companies said today. Testifying before the House Financi... Read more

NAMIC Testifies Before House Committee on FIO’s Regulatory Modernization Report

February 3, 2014 Paul Ehlert, president of Germania Insurance Companies and member of NAMIC’s board of directors, will testify Feb. 4 at hearing scheduled to begin at 10 a.m. on the Federal Insurance Office’s recently released report, “How to Modernize and Improve the S... Read more

NAMIC Board Member to Testify Before House Committee on FIO Report

January 31, 2014 NAMIC board member Paul Ehlert, president of Germania Insurance in Brenham, Texas, will outline our views to lawmakers at a Feb. 4 hearing as Congress begins to consider the recommendations made by the Federal Insurance Office to modernize and improve t... Read more

On the FIO Report

January 23, 2014 In the weeks since the Federal Insurance Office released its report on insurance regulatory reform and modernization, we’ve had the opportunity to sort through its recommendations. To help our member companies better understand the potential implication... Read more

In the Nation: FIO Report Issued; NAMIC at FASB Roundtable; Final Volcker Rule

January 9, 2014 The Federal Insurance Office finally issued in December its report on the modernization of insurance regulation. The report includes recommendations for both state and federal action to improve insurance regulation but for the most part supports uniform... Read more

Yellen Confirmation as Fed Chair Expected by Senate

January 6, 2014 The United States Senate will hold a confirmation vote at 5:30 p.m. on Jan. 6 on the nomination of Janet Yellen by President Barack Obama to be the next chair of the Federal Reserve. Following the 59-34 vote on Dec. 20 to end debate on her nomination, s... Read more

Federal Insurance Office Releases Long-Awaited Modernization Report

December 16, 2013 The Federal Office of Insurance on Dec 12 issued its long overdue report titled “How to Modernize and Improve the System of Insurance Regulation in the United States.” Mandated under the Dodd-Frank Wall Street Reform and Consumer Protection Act, it was ... Read more

Conversation Starter: FIO Unveils Its Report

December 12, 2013 After two years of waiting and seemingly endless guessing games, the Federal Insurance Office released its report today outlining the Obama administration’s recommendations to improve and modernize the insurance regulatory system. As you read this, the ... Read more

NAMIC Urges Caution in Response to FIO Report

December 12, 2013 Congress and the Obama administration should take care in making changes to the insurance regulatory system, the National Association of Mutual Insurance Companies said today in response to the release of the Federal Insurance Office report on insurance... Read more

NAMIC Reports on Dodd-Frank Implementation

July 23, 2013 Three years after it was signed into law, NAMIC provides an in-depth look at how the numerous federal agencies and regulations created by the Dodd-Frank Act have taken shape and what the future holds for property/casualty insurance companies. Read the r... Read more

NAMIC Submits Comments to FIO on Natural Catastrophe Issues

July 1, 2013 NAMIC submitted comments on June 24 to the Federal Insurance Office on the current state of the market for natural catastrophe insurance for a study the FIO will release this year. The study is required as a result of the Biggert-Waters Flood Reform Act... Read more

House Financial Services Subcommittee Holds Hearing on International Insurance Issues

June 17, 2013 The House Financial Services Subcommittee on Housing and Insurance held a hearing June 13 titled “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers.” Subcommittee Chairman Randy Neugebauer, R-Texas, called the hear... Read more

Federal Insurance Office Releases First Annual Report, Holds Advisory Committee Meeting

June 17, 2013 The Federal Insurance Office released its annual report on June 12 on the state of the insurance marketplace in the United States. The FIO was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which also mandated that the office ... Read more

FIO Annual Report

June 12, 2013 Statement From Jimi Grande Senior Vice President, Federal and Political Affairs RE: Federal Insurance Office Annual Report “The FIO Annual Report shows the continued strength of the property/casualty insurance industry despite the financial crisis and s... Read more

Federal Advisory Committee on Insurance to Hold Fifth Meeting

June 10, 2013 The Federal Advisory Committee on Insurance is scheduled to hold on June 12 its fifth meeting since the group’s creation in 2012. The meeting will likely delve into the work of FACI’s subcommittees, which work between official meetings on their individu... Read more

House Financial Services Committee to Examine International Insurance Issues

June 10, 2013 The House Financial Services Insurance Subcommittee will hold a hearing June 13 on international insurance issues. Titled "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers," the hearing will feature a panel of gov... Read more

Federal Insurance Office Calls for Comments on Natural Disasters

May 7, 2013 The Federal Insurance Office issued a request for comments at the end of April regarding the current state of the natural catastrophe market in the United States. All comments are due on June 24, 2013. Legislation reforming and reauthorizing the Nationa... Read more

New Executive Committee Task Force on Financial Stability

April 15, 2013 Three years after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act and four years after the financial crisis, the NAIC has decided to establish a Financial Stability Task Force with the mission of considering issues affecting... Read more

Flood Insurance, Delayed FIO Reports Discussed at FACI Meeting

March 19, 2013 The Federal Advisory Committee on Insurance held its fourth periodic meeting March 13, receiving updates from its three subcommittees and discussing topics including international developments, flood insurance, and the upcoming Federal Insurance Office ... Read more

The FIO Guessing Game

March 12, 2013 You may have seen some news lately speculating that the confirmation of Jacob Lew as secretary of the Treasury could lead to more action from the department, including the release of the Federal Insurance Office’s report on insurance regulation. It’s a ... Read more

Lew Confirmed as Treasury Secretary – FIO Report Imminent?

March 5, 2013 The U.S. Senate confirmed Jacob Lew as the 76th secretary of the Treasury on Feb. 27 by a vote of 71-26, replacing Timothy Geithner. The vote took place on the heels of the Senate Finance Committee approving his nomination the day before. Lew will be mo... Read more

Federal Advisory Committee on Insurance Holds Second Meeting

August 14, 2012 The recently created Federal Advisory Committee on Insurance held its second public meeting Aug. 6 in Washington, D.C. The FACI consists of 15 members – including representatives from the private sector, state insurance regulators, and consumer advocate... Read more

NAMIC CEO Testifies Before Congress

July 31, 2012 NAMIC President and CEO Charles M. Chamness, as the sole representative of the property/casualty insurance industry, testified at a July 24 hearing on the impact of the Dodd-Frank Act on the industry as it ends its second year of implementation. In test... Read more

NAMIC to Represent the P/C Industry at Two Domestic Insurance Hearings before Congressional Committees Today

July 24, 2012 Witnesses will offer testimony on behalf of NAMIC at two hearings in the U.S. House of Representatives today on the need for stronger building codes and Dodd Frank implementation At 10:00 am EDT, Rod Matthews, P&C Operations Vice President from Stat... Read more

NAMIC CEO to Testify on Behalf of P/C Industry Before Congressional Panel Next Week

July 20, 2012 NAMIC President and CEO Charles M. Chamness will be in Washington D.C. representing the property/casualty industry at a congressional hearing Tuesday, July 24, at 2:00 p.m. EDT. He will be the sole property/casualty representative before the House Finan... Read more

House Insurance Subcommittee Holds Hearing on FIO’s Role Abroad

May 22, 2012 NAMIC staff attended a May 17 hearing in the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity titled “U.S. Insurance Sector: International Competitiveness and Jobs.” The witnesses, including Federal Insurance Office ... Read more

First Meeting of Federal Advisory Committee on Insurance Held in Washington

April 3, 2012 Seeking to determine its direction, the Federal Advisory Committee on Insurance held its first meeting on March 30 in the Cash Room at the Department of the Treasury. Federal Insurance Office Director Michael McRaith opened the meeting by naming the pre... Read more

Connecticut Treaty Raises Questions for FIO

March 13, 2012 The Connecticut Insurance Commission has signed a Multilateral Memorandum of Understanding with the International Association of Insurance Supervisors becoming the first U.S. regulators to enter into such an agreement. The move, which is being considere... Read more

Federal Insurance Office to Release Study on Modernization of Insurance Regulation

January 10, 2012 When the Dodd-Frank Wall Street Reform and Consumer Protection Act created the Federal Insurance Office, one of its first tasks was to conduct a study of how to improve and modernize the U.S. insurance regulatory system. Now, a year and a half later, th... Read more

NAMIC Continues to Shape Dodd-Frank Implementation

December 20, 2011 In the two years following the recent financial crisis, NAMIC’s advocacy efforts in Washington, D.C., were necessarily legislative in focus. However, following the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, the fed... Read more

NAMIC Weighs In With the Federal Insurance Office on Regulatory Modernization

December 16, 2011 NAMIC filed comments last night with the Federal Insurance Office in response to its request for public input in advance of its study on how to improve and modernize the insurance regulatory system in the United States, mandated by the Dodd-Frank Act an... Read more

NAMIC Offers Views on Regulatory Modernization for FIO Study

December 16, 2011 WASHINGTON (December 16, 2011) – Efforts to reform and modernize the insurance market should focus on improving the state-based regulatory system without jeopardizing its effectiveness, the National Association of Mutual Insurance Companies (NAMIC) said... Read more

FDIC Proposes Rule on Mutual Insurance Holding Companies Supporting NAMIC Stance

December 13, 2011 WASHINGTON (December 13, 2011) A proposed rule issued by the Federal Deposit Insurance Corporation (FDIC) recognizes state regulation of mutual insurance holding companies while providing insurers with greater certainty and clarity, the National Associa... Read more

NAMIC Invited to Speak at First Federal Insurance Office Conference

December 6, 2011 Former NAMIC chairman John T. Hill, president and COO of Magna Carta Companies, will be traveling to Washington, D.C., to participate in the first conference on the modernization of the insurance regulatory system in the United States to be held by the ... Read more

FORMER NAMIC CHAIR TALKS JOBS, ECONOMY ON CAPITOL HILL

December 5, 2011 NAMIC Former Chair Sandy Parrillo, President and CEO of Providence Mutual Fire Insurance is on Capitol Hill today participating in a GOP Women’s CEO Roundtable to discuss jobs and the economy. Parrillo was one of only six female CEOs invited to partake ... Read more

NAMIC Meets With Federal Insurance Office Director

November 22, 2011 On Nov. 17, Chuck Chamness, NAMIC president and CEO, met with Michael McRaith, director of the new Federal Insurance Office. Chamness, along with NAMIC staffers, met with McRaith to discuss FIO’s role and the issues of regulatory modernization and impro... Read more

NAMIC: Dodd-Frank Fixes Reduce Costs and Uncertainty

November 16, 2011 WASHINGTON - Legislation being discussed today by a House Financial Services Subcommittee will help reduce the costs and prevent regulatory overlap from the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to the National Association... Read more

FIO Advisory Panel Members Named

November 8, 2011 The Treasury Department officially announced on Nov. 2 the 15 members of the Federal Advisory Committee on Insurance, which is tasked with advising the newly created Federal Insurance Office. “These individuals have tremendous knowledge about the insura... Read more

NAMIC Comments on FACI Appointments

November 2, 2011 “NAMIC congratulates the members of the Federal Advisory Committee on Insurance on their selection. We know that their expertise will prove quite valuable to Director McGraith and the FIO. With so many complex issues facing our industry, it is vitally i... Read more

FIO Director Tells Congress Office 'Not a Regulator and Not a Supervisor'

October 25, 2011 Earlier today, the director of the new Federal Insurance Office, Michael McRaith, made his first trip to Capitol Hill to testify before Congress in his new capacity. Speaking before the House Financial Services Subcommittee on Insurance, Housing and Com... Read more

NAMIC: McRaith's Testimony Shows Understanding of FIO's Intended Role

October 25, 2011 “Director McRaith’s testimony shows that he has an understanding of the role the Federal Insurance Office was created to fill – that of an ‘objective, reliable resource for information’ on the insurance industry while ‘the state insurance departments re... Read more

New Federal Insurance Office Seeks Input on Regulation

October 18, 2011 As we have reported throughout the year, when the Federal Insurance Office (FIO) was created, one of their first assignments was to conduct a study on insurance regulation. The Treasury Department, who oversees the FIO, made a request for public comment... Read more

Proposed FSOC Guidance for 'SIFI' Designation of Non-Bank Financial Companies

October 12, 2011 “NAMIC appreciates the work the FSOC has done to provide more transparency and clarity to the SIFI-designation process for non-bank financial institutions. “While a clear statement that the FSOC did not intend to look at property/casualty insurers would... Read more

Sec. Geithner's Testimony on the FSOC Annual Report

October 6, 2011 "NAMIC has argued since the financial crisis began that property/casualty insurance does not pose a systemic risk to the broader economy. Like many companies, property/casualty insurers have worked hard to weather the storm of the last few years, and as... Read more

The Senate Should Act Swiftly to Confirm Woodall

September 8, 2011 “With today’s approval of the Banking committee, we urge the full Senate to act without further delay to confirm Roy Woodall. Given the potential impact that the FSOC can have on the insurance industry, it is absolutely vital that someone with a true un... Read more

FSOC, CFPB Nominations on Hold as Senate Adjourns

August 16, 2011 Two key positions created under the Dodd-Frank Act will remain officially vacant until September, at the earliest. The Senate adjourned for the August recess shortly after voting to pass legislation raising the federal debt ceiling and cutting spending,... Read more

FIO Seeks NAMIC Guidance Post-Downgrade

August 9, 2011 Exercising his office’s new authority as the federal government’s source on the insurance industry, Federal Insurance Office Director Michael McRaith reached out to NAMIC requesting a discussion on the potential impact on our members resulting from the ... Read more

NAMIC: Oversight Needed to Protect Property/Casualty Insurance from Federal, International Intrusion

July 28, 2011 WASHINGTON (July 28, 2011) A strong insurance industry would be substantially weakened through excessive regulation or federal intrusion, the National Association of Mutual Insurance Companies (NAMIC) said in testimony before a House subcommittee today.... Read more

NAMIC to call on Congress for Strong Oversight of Dodd-Frank Implementation, International Agreements

July 27, 2011 In perhaps the only insurance oversight hearing to include industry representatives this year, NAMIC will testify before the U.S. House Financial Services Subcommittee on Insurance, Housing and Community Opportunity on a broad range of insurance regulat... Read more

Senate Committee to Vote on Nomination of ‘Insurance Expert’ for FSOC

July 25, 2011 Tomorrow, July 26th, the Senate Banking Committee will be holding a confirmation hearing on S. Roy Woodall’s nomination as the voting representative for insurance on the Financial Stability Oversight Council (FSOC). For several months, NAMIC criticized ... Read more

Dodd-Frank Funding Bill on House Floor

July 19, 2011 Funding for the new federal agencies created under the Dodd-Frank Act face its first test this week as the U.S. House of Representatives will debate the appropriation for the Treasury and other agencies. The legislation at issue is H.R. 2434, the Financ... Read more

Dodd-Frank Preemption of State Laws in Spotlight

July 5, 2011 One of the major concerns NAMIC has with the Dodd-Frank legislation is the sweeping reform’s ability to preempt state law in favor of federal law. For instance, the Federal Insurance Office (FIO) is charged with negotiating and advising on international... Read more

NAMIC Responds to Nomination of Woodall to FSOC

June 24, 2011 WASHINGTON (June 24, 2011) The National Association of Mutual Insurance Companies released the following statement from Jimi Grande, senior vice president of federal and political affairs, on the nomination of S. Roy Woodall to the Financial Stability O... Read more

Director McRaith Takes the Reins at FIO

June 21, 2011 The Federal Insurance Office (FIO) finally has its director in place after former Illinois Department of Insurance Director Michael McRaith officially took control at the new office last week. The FIO was created within the Department of the Treasury un... Read more

NAMIC Hosts Briefing from Senate Banking Committee Staff Director

June 7, 2011 On June 6, NAMIC welcomed Senate Banking Committee Majority Staff Director Dwight Fettig to the NAMIC D.C. offices to discuss the committee schedule, priorities and insurance issues as the 112th Congress heads into the busy summer legislative season. Fe... Read more

Treasury to Form Public/Private Federal Advisory Committee on Insurance

May 31, 2011 On May 12, the Department of the Treasury issued a notice in the Federal Register announcing establishment of a new Federal Advisory Committee on Insurance (FACI) and soliciting applications for membership on the committee. The purpose of FACI is to pro... Read more

Too Big to Fail

May 24, 2011 Last night I watched HBO’s new film “Too Big to Fail,” an account of the financial crisis circa October 2008 and the government’s attempt to prevent a total financial meltdown. The movie was both entertaining and largely accurate, which it should be as ... Read more

Brakes Continue to be Applied on Dodd-Frank Implementation

May 24, 2011 With Congress looking over their shoulders, members of the Financial Stability Oversight Council (FSOC) continue to take a cautious approach to their work reforming the nation’s financial markets. The Senate Banking Committee recently held a hearing ent... Read more

E Pluribus Unum

May 10, 2011 Washington, D.C., can be a hectic place. I don’t need to remind you the speed at which all manner of public policies can come flying off of Capitol Hill. Navigating this hazardous legislative environment can be a daunting task, which is why one of the c... Read more

NAMIC Responds to Announcement of FIO Director

March 17, 2011 WASHINGTON (March 17, 2011) The National Association of Mutual Insurance Companies (NAMIC) commented today on the announcement that former Director of the Illinois Department of Insurance Michael McRaith has been named to head the newly created Federal ... Read more

Federal Insurance Office Seeks Director

October 12, 2010 The U.S. Treasury has officially posted the job listing for the Director of the Federal Insurance Office. According to the posting, the Treasury is seeking an individual with the following qualifications: Expertise in insurance markets, products, and kn... Read more

In the Weeds

May 4, 2010 Last week, after the GOP gave up on its efforts to block consideration of the bill, the Senate voted to begin the debate on the “Wall Street Reform Act.” As you know, I have written about this issue in this space many times in the last year and a half a... Read more