Neil Alldredge, NAMIC president and CEO, sent a letter addressed to Treasury Secretary Janet Yellen Feb. 15 regarding the Federal Insurance Office’s climate data call. FIO was established by Dodd-Frank and is housed within Treasury.

Following Yellen’s recent comments before the House Financial Services and Senate Banking committees where she said, “I think there’s a good chance that [FIO] will be able to collaborate [with the National Association of Insurance Commissioners] and go out with a single collection in order to … reduce burdens on insurance companies,” NAMIC sought to press the matter and reiterate the association’s belief that FIO should drop its solo effort and defer to functional state regulators. The letter made clear that climate change, mitigating associated risks through hardening the built environment, and protecting policyholders are crucially important to the mutual property/casualty insurance industry but at the same time encouraged Yellen to follow through with indications FIO would collaborate with NAIC and issue a singular data call.

NAMIC continues to lead opposition to this unprecedented encroachment of the state-based system of insurance regulation and further cited the office’s limited statutory authority and the NAIC’s own data call announced in fall 2023. In case you missed it, NAMIC also sent a note from Alldredge to members detailing the association’s efforts and the bipartisan pushback Yellen received on the Hill regarding insurance issues, which you can read here: CEO Perspective | Cutting Through the Noise.

Post Details

Publish Date

February 20, 2024

News Type

  • Washington Weekly

Topics

  • FIO, NAIC

Points of Contact
Patrick McCarty Headshot
Patrick McCarty
Federal Affairs Director