NAMIC Issues Regulation Inflation Report

NAMIC is issuing its 2023 Regulatory Year in Review report detailing how federal regulations are increasing in number and cost and federal efforts to regulate insurance are growing and increasing, as well as what the property/casualty insurance industry can expect in 2024 and beyond.

In 2023, federal regulators issued almost 100 rules and regulations for every law that Congress passed. NAMIC reviewed and analyzed more than 1,700 federal notices, rules, and proposed rules that specifically referenced property/casualty insurance and another 1,650 that impact issues of importance to NAMIC member companies, such as arbitration, independent contractor status, and disparate impact.

The Federal Insurance Office and the Consumer Financial Protection Bureau continue to propose a myriad of new rules and regulations, and other federal agencies that previously had little or no impact on insurance, including the Federal Trade Commission and Department of Labor, are now proposing rules that directly impact how insurance is provided.