Federal Insurance Office Requests Comments on the Global Reinsurance Market for Its Report to Congress

What you need to know:

On June 27, the Federal Insurance Office requested public comment on the global reinsurance market, for a report to be issued by the FIO to Congress.  Comments are due by August 27.

What you need to do:

Companies should consider whether to submit comments to the Federal Insurance Office.

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that the Federal Insurance Office provide a report to Congress by September 30 describing “the breadth and scope of the global reinsurance market and the critical role such market plays in supporting insurance in the United States.”  31 U.S.C. § 313(o)(1).  On June 27, the Federal Insurance Office requested public comment, in order to assist the office in completing its report. 

The FIO has requested comment on:

• The purpose of reinsurance;
• The breadth and scope of the global reinsurance market;
• The role that the global reinsurance market plays in supporting insurance in the United States;
• The effect of domestic and international regulation on reinsurance in the United States;
• The role and impact of government reinsurance programs;
• The coordination of reinsurance supervision nationally and internationally; and
• Any other topics relevant to the FIO’s report.  See 77 Fed. Reg. 38394 (June 27, 2012).

Comments are due by August 27, and may be submitted through the Federal eRulemaking Portal, or to the Department of the Treasury, Federal Insurance Office, 1500 Pennsylvania Avenue, N.W., Washington, DC  20220.