Financial & Regulatory Brief: At the NAIC

August 29, 2019 NAMIC state, federal, and policy affairs staff attended the NAIC summer meeting held Aug. 3-6 in New York City. Please view the NAMIC NAIC Review to learn about the latest developments at the NAIC. Read more

Financial & Regulatory Brief: At the NAIC

June 26, 2019 The Property and Casualty Risk-Based Capital Working Group has proposed a new framework that would modify the bond pages in the property/casualty RBC formula and expand the number... 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

Financial & Regulatory Brief: At the NAIC

May 21, 2019 The NAIC held the annual International Insurance Forum in May. Keynoting the event was U.S. Secretary of Treasury Steven Mnuchin who noted ongoing concerns with the direction of the Insurance Capital Standard at the... 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

Financial & Regulatory Brief: At the NAIC

March 28, 2019 There was a lot of activity in March regarding the development of the group capital calculation. The GCC Working Group held three conference calls in anticipation that the field-testing documents to be used by volunteers and regulators could be adopted... 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

Senate Banking Committee Explores Role of FSOC

March 18, 2019 The Senate Banking Committee met March 14 to discuss the “Financial Stability Oversight Council (FSOC) Nonbank Designations” and heard from three witnesses: Douglas Holtz-Eakin, president, American Action Forum Paul Schott Stevens, CEO... Read more

Financial & Regulatory Brief: At the NAIC

February 21, 2019 NAMIC submitted comments to the Group Capital Calculation Working Group on the 2019 field-testing template and instructions that were exposed for comment at the 2018 Fall National Meeting in San Francisco... 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: At the NAIC

January 16, 2019 The NAIC named its 2019 committee chairs and vice chairs. Remaining chair of the Financial Condition (E) Committee is David Altmaier, commissioner, Florida Office of Insurance Regulation... 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

Fed Discusses Financial System Vulnerabilities in Financial Stability Report

December 3, 2018 The Federal Reserve released its inaugural Financial Stability Report Nov. 28, identifying elevated asset prices, historically high debt owed by U.S. businesses, and rising issuances of risky debt as top vulnerabilities facing the U.S financial system. Read more

Financial & Regulatory Brief: At the NAIC

October 25, 2018 NAMIC submitted a comment letter to the Investment Risk-Based Capital Working Group on a proposal that would update the bond designation factors included in the property/casualty RBC formula. The IRBCWG has decided to expand the... 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

Maine Insurance Superintendent Tapped to Join FSOC

September 24, 2018 State insurance regulators last week appointed Eric Cioppa, current superintendent of the Maine Bureau of Insurance, to a two-year term as the state insurance commissioner representative on the Financial Stability Oversight Council. Cioppa will... Read more

At the NAIC: NAMIC Working With Trades to Respond to NAIC on GCC; New IT Examination Procedures Exposed for Comment; Maine Superintendent of Insurance Appointed to FSOC

September 20, 2018 NAMIC is working with members and a group of trade associations to offer responses to questions posed by NAIC staff regarding the development of the Group Capital Calculation. The Scope of Group/Non-Insurance Testing memo (Att. 2 – GCC Memo) that was... Read more

House Passes Bill Designed to Protect ISLHCs

September 17, 2018 The House of Representatives voted Sept. 12 to pass H.R. 5059, the State Insurance Regulation Preservation Act. The bipartisan legislation, introduced by Reps. Keith Rothfus, R-Pa., and Joyce Beatty, D-Ohio, is supported by NAMIC and is designed to... Read more

NAMIC Pushing Legislation to Elevate State Insurance Commissioner on FSOC

September 10, 2018 Ahead of an expected markup by the House Financial Services Committee, NAMIC is working to advance legislation to elevate the role of the state insurance commissioner on the Financial Stability Oversight Council. H.R. 5666, the Primary Regulators of... Read more

In the Nation: House Passes International Insurance Standards Act, Approves State Insurance Regulation Preservation Act; Senate Bill Would Elevate State Insurance Commissioner Role on FSOC

August 23, 2018 The House of Representatives passed on July 17 a legislative package that included the International Insurance Standards Act. The bill would provide significant protections for the state-based system of insurance regulation from being... Read more

NAMIC Sends Letter in Support of Legislation to Protect State-Based Regulatory System

June 4, 2018 NAMIC sent a letter to Reps. Dennis Ross, R-Fla., and Denny Heck, D-Wash., on May 29 in support of their recently introduced bi-partisan legislation designed to protect the state-based system of insurance regulation. Ross and Heck introduced in April ... 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

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

New Federal Reserve Chair to Testify Before Congress This Week

February 26, 2018 The newly confirmed chairman of the Board of Governors of the Federal Reserve System, Jerome Powell, will make his way to Capitol Hill this week to testify. This will be the first congressional... Read more

The Last SIFI To Go?

February 20, 2018 The U.S. Financial Stability Oversight Council said on Feb. 14 that it had scheduled a meeting for Feb. 21 to discuss the annual re-evaluation of the designation of Prudential Financial. Treasury... 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

Senate Banking Committee Votes to Confirm FSOC Independent Member With Insurance Expertise

February 12, 2018 The U.S. Senate Committee on Banking, Housing, and Urban Affairs met in executive session Feb. 8 to consider executive branch nominees. The nomination of Tom Workman, former president and... Read more

Mnuchin to Testify Before House Financial Services Committee

February 5, 2018 The House Financial Services Committee will hold a hearing Feb. 6 to receive the annual testimony from the secretary of the Treasury regarding the state of the Financial Stability Oversight Council. The... Read more

Treasury Ends SIFI Designation Effort After Agreement With MetLife

January 22, 2018 MetLife Inc. and the government agreed Jan. 18 to end an appeal of a 2016 court order releasing the insurer from its status as a systemically important financial institution. MetLife and the Financial Stability... Read more

Senators Urge White House to Rein In Financial Stability Board

January 22, 2018 Sens. Tom Cotton, R-Ark., Mike Crapo, R-Idaho, John Kennedy, R-La., David Perdue, R-Ga., Thom Tillis, R-N.C., and Pat Toomey, R-Pa., sent a letter to President Trump Jan. 18 asking him to take appropriate action to... 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

Workman Named as Independent Expert for FSOC

December 4, 2017 Thomas E. Workman was named by President Trump on Dec. 1 to replace Roy Woodall as the independent insurance industry voting member of the Financial Stability Oversight Council... Read more

FSOC to Meet This Week in Wake of Treasury Report

November 13, 2017 The Financial Stability Oversight Council will meet both privately and publicly Nov. 16, with the council’s annual report among the topics on the... 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

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

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

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

Treasury Announces Intention to Sign Covered Agreement

July 17, 2017 U.S. Treasury Secretary Steven Mnuchin announced July 14 that he intends to sign the recently negotiated covered agreement between the U.S. and the European Union on... Read more

Bills Introduced to Ensure Insurance Voice Remains on FSOC

July 10, 2017 Legislation was introduced in both the House of Representatives and the Senate June 29 that would prevent a gap on the Financial Stability Oversight Council by... 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

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

House Action on NFIP Reform Expected Following Memorial Day Break

May 22, 2017 During a members-only meeting of the House Financial Services Committee on May 16, Chairman Jeb Hensarling, R-Texas, walked through his plan to reauthorize and reform the... 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

Henderson Calls for Clarity or Renegotiation for Covered Agreement

May 8, 2017 Members of the Senate Banking Committee were receptive to a call from former NAMIC chairman Stu Henderson, president and CEO of... 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

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

International Relations Committee Talks Covered Agreements and More

April 19, 2017 The International Relations (G) Committee met to discuss a variety of international issues, but the most interesting part of the meeting was the discussion of the status 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

House Financial Services Committee Holds Series of Hearings

April 3, 2017 The House Financial Services Oversight and Investigations Subcommittee heard testimony from four witnesses March 28 on “The Arbitrary and Inconsistent Non-Bank SIFI Designation Process.”  Witnesses were... Read more

House Committee to Hold Two Hearings on SIFI Designations, Volcker Rule

March 27, 2017 The House Financial Services Subcommittee on Oversight and Investigations will hold a hearing March 28 titled “The Arbitrary and Inconsistent Non-Bank SIFI Designation Process.” The hearing will examine... 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

In the Nation: NAMIC CEO Testifies to Congress on Covered Agreement; House Committee Releases FSOC Report; DOL Fiduciary Rule Delayed

March 16, 2017 Charles Chamness, NAMIC president and CEO, testified on Feb. 16 before the House Financial Services Subcommittee on Housing and Insurance during a hearing on the recently completed... Read more

House Subcommittee Chairman Asks Trump Administration for Clarification on Covered Agreement

March 6, 2017 Charles Chamness, NAMIC president and CEO, testified at a Feb. 16 House Financial Services Subcommittee on Housing and... Read more

House Financial Services Committee Releases Report on FSOC

March 6, 2017 House Financial Services Committee Chairman Jeb Hensarling, R-Texas, released a report Feb. 28 analyzing the Financial Stability Oversight Council's process for... Read more

Flood Insurance Jumps CHOICE on House Financial Services Committee Schedule

March 6, 2017 The House Financial Services Committee will hold a hearing "Flood Insurance Reform, FEMA's Perspective"on March 9 at 10 a.m., the latest signal that... Read more

House Financial Services Committee Set to Adopt Budget Views, Estimates

February 27, 2017 The House Financial Services Committee will hold a markup Feb. 28 to adopt the committee's Budget Views and Estimates. The House Budget Committee has... 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

FSOC to Hold First Meeting of Trump Administration

February 27, 2017 Treasury Secretary Steven Mnuchin will preside over an executive session of the Financial Stability Oversight Council on March 2, the FSOC's first meeting during the... 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 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

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 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

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

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 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

NAMIC Responds to Covered Agreement Announcement

January 13, 2017 "The Covered Agreement announced today was conceived in Dodd-Frank as a proposed solution to an invented problem - the question of European regulators deeming our regulatory system equivalent. Because the agreement has the authority to... Read more

New Members Join Senate Banking Committee

January 9, 2017 As the 115th Congress has just gotten underwaythe Senate Banking Committee is set to see a new chairman in Mike Crapo, R-Idaho, as well as six new members, three Republicans and three Democrats. The three new GOP members of the... Read more

NAMIC Urges Passage of Legislation to Reform SIFI Designation Criteria

November 29, 2016 The National Association of Mutual Insurance Companies today urged members of the U.S. House of Representatives to support legislation to ensure that the process of naming financial firms "systemically important" accurately... Read more

House to Vote on Bill Designed to Ease Regulations for Bank Holding Companies

November 28, 2016 The House is set to vote Nov. 30 on a bill designed to base the imposition of added regulation for large financial institutions on risk rather than an arbitrary asset threshold. Introduced by Rep. Blaine Luetekemeyer, R-Mo., the... 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

Treasury Allows Exclusion for Insurers as 'Records Entity' in OLA

October 31, 2016 The secretary of the Treasury, as chairperson of the Financial Stability Oversight Council, adopted a final rule Oct. 31 to implement the qualified financial contract recordkeeping requirements related to the... Read more

In the Nation: NAMIC Testifies at Key House Hearing; Tennessee Insurance Commissioner Urges Congress to Push Back on EU; NAMIC Submits Comments to Fed on Capital Requirements; A.M. Best Considers NAMI

October 13, 2016 NAMIC testified before a House Financial Services subcommittee on Sept. 27 during a hearing that focused on the Financial Stability Board's implications for U.S. growth and competitiveness. Congressional concerns that the FSB... 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

NAMIC to Express Skepticism of FSB’s Role at Committee Hearing

September 26, 2016 The National Association of Mutual Insurance Companies will call on Congress to provide a clear mandate to federal agencies representing the United States in international negotiations to defend the U.S. insurance regulatory structure and... Read more

FSOC Holds Closed Meeting

September 23, 2016 The U.S. Financial Stability Oversight Council met in closed session Sept. 22 at the Treasury Department in Washington, D.C. The FSOC was created by the Dodd-Frank Act and consists of the heads of the... 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

In the Nation: Comments to Fed on ANPR Coming; Transparent Insurance Standards Act Introduced

September 14, 2016 The Federal Reserve issued in June an Advanced Notice of Proposed Rulemaking that included a group capital framework for U.S. Systemically Important Financial Institutions and... Read more

In the World: NAMIC Submits Comments on Mutual Insurers; Resolution/Recovery Drafts Revealed; Capital Requirement Trifecta

September 14, 2016 NAMIC submitted comments to the International Association of Insurance Supervisors on its application paper on mutuals, cooperatives, and community-based organizations. In the paper the... Read more

House Financial Services Committee to Mark Up Financial CHOICE Act

September 12, 2016 House Financial Services Committee Chairman Jeb Hensarling, R-Texas, released the final version of the Financial CHOICE Act on Sept. 9 as an alternative to the Dodd-Frank Act to overhaul the financial services system of... 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

Hensarling Holds First Hearing on Financial Choice Act

July 18, 2016 As Congress entered its final legislative week before members made their way back to their districts to campaign, Rep. Jeb Hensarling, R-Texas, chairman of the House Financial Services Committee, conducted a hearing on legislation he introduced in as a... 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

In the World: Second ICS Consultation Draft Coming; Other IAIS Consultations Delayed; New Application Paper on Mutuals; Brexit Impact

July 14, 2016 NAMIC attended an International Association of Insurance Supervisors Stakeholder meeting in New York last month and learned that a second consultation draft on the Insurance Capital Standard will be released on... Read more

House Financial Services Committee Holds Hearings on the Financial CHOICE Act, HUD, FSOC

July 11, 2016 With Congress returning for its last legislative week prior to returning home to their districts for the August recess, the Financial Services Committee has scheduled three hearings this week. Up first on the docket is a hearing at... Read more

GE Sheds SIFI Tag, But Process Remains Unclear

July 5, 2016 The Financial Stability Oversight Council announced June 29 that it had rescinded the systemically important financial institution designation for GE Capital Global Holdings, LLC, after concluding the firm no longer met the... 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

Fed Chairman to Testify Before Congress This Week

June 20, 2016 Janet Yellen, chair of the Federal Reserve's Board of Governors, will be traveling to Capitol Hill to give the Fed's semiannual monetary policy report to Congress. Yellen will appear before the Senate Banking Committee June 21 and before the... 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

Government Appeals MetLife SIFI Ruling

June 20, 2016 To the surprise of no one, the U.S. Department of Justice has appealed an April decision by District Court Judge Rosemary Collyer striking down the Financial Stability Oversight Council's designation of Metlife as... 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

In the World: NAMIC Participates in Global Meetings; IAIS/FSB Consultations Expected This Summer; UK to Vote on Exiting the EU

June 9, 2016 NAMIC participated in meetings in May with Insurance Europe and the Global Federation of Insurance Associations. The focus of the Insurance Europe meeting was on the customer. There were discussions about what... 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

Federal Reserve to Propose New Group-Level Capital Standards

June 6, 2016 The Federal Reserve Board of Governors met in an open meeting June 3 voting to release an Advanced Notice of Proposed Rule Making describing its proposed approach to insurance group capital requirements and a... Read more

Hensarling to Outline Legislation to Replace the Dodd-Frank Act

June 6, 2016 House Financial Services Committee Chairman Jeb Hensarling will outline a Republican legislative proposal June 7 that would ultimately reform and replace parts of the Dodd-Frank Act of 2010. Hensarling will provide an outline of... Read more

NAMIC Cautiously Optimistic on Fed’s Proposed Capital Standards

June 3, 2016 As the Federal Reserve Board of Governors met today to consider proposed rules establishing capital standards for insurers under its regulatory jurisdiction, the National Association of Mutual Insurance Companies expressed... Read more

Fed Announces Notice of Proposed Comp Rules

May 31, 2016 The Federal Reserve Board approved a joint agency notice of proposed rulemaking to implement the incentive compensation requirements for "covered financial institutions" under the Dodd- Frank Act. The 365-page draft proposed rule seeks to prohibit... Read more

Fed to Release New Capital Rules for Insurers

May 31, 2016 The Federal Reserve has reported that on June 3 it will release its first exposure of the long-awaited group capital requirement formula for insurance companies. These requirements will apply to insurers that own a... Read more

Tarullo Provides Preview of New Capital Rules for Insurers at NAIC Meeting

May 23, 2016 Federal Reserve Governor Daniel Tarullo announced May 20 that the Fed was getting close to completing work on its domestic capital standards for those insurance companies that... Read more

In the Nation: Fed Proposal to Collect Financial Data on Non-Bank SIFIs; Bill Introduced Would Rein In Fed's International Involvement in Insurance; NAMIC Investment Management Services Hosts Webinar

May 20, 2016 The Board of Governors of the Federal Reserve System recently released an invitation for comment on a proposal to collect financial data on a consolidated basis from nonbank financial companies that were tagged as... 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

House Financial Services Committee Examines CFPB's Arbitration Proposed Rule

May 16, 2016 The House Financial Services Subcommittee on Financial Institutions and Consumer Credit will conduct a hearing May 18 on the Consumer Financial Protection Bureau's efforts to ban mandatory arbitration provisions in... Read more

Fed Proposes New Financial Data Collection Standards From Nonbank SIFIs

May 16, 2016 Undeterred by U.S. District Judge Rosemary Collyer's ruling that the Financial Stability Oversight Council had not properly assessed its Systemically Important Financial Institution designation, the Federal Reserve has proposed new standards for... Read more

Bill Introduced to Guide International Insurance Negotiations

May 2, 2016 Rep. Blaine Luetkemeyer, R-Mo., introduced legislation April 29 designed to provide parameters around insurance regulatory discussions taking place in international venues such as... Read more

In the World: Where's the Transparency on Resolution at IAIS; IMF Reports Aggregate Life Insurance Industry Systemically Risky; Moody's Report Solvency II Ratios Not Comparable

April 22, 2016 There was a very brief update at the NAIC Receivership and Insolvency Task Force on Resolution and Recovery at the IAIS. James Kennedy of Texas, the NAIC representative on the IAIS working group, said... Read more

In the World: Where's the Transparency on Resolution at IAIS; IMF Reports Aggregate Life Insurance Industry Systemically Risky; Moody's Report Solvency II Ratios Not Comparable

April 22, 2016 There was a very brief update at the NAIC Receivership and Insolvency Task Force on Resolution and Recovery at the IAIS. James Kennedy of Texas, the NAIC representative on the IAIS working group, said that no specific information about the work can be s... 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

House of Representatives Votes on Financial Reform Legislation

April 18, 2016 The House Financial Services Committee voted April 13 to pass two pieces of legislation, the Taking Account of Bureaucrats' Spending Act of 2015, H.R. 1485, and H.R. 4894, which reflects the majority party's messaging on repealing the Dodd-Frank Act. H.... Read more

NAIC 2016 Spring Meeting Tidbits

April 12, 2016 After the MetLife decision overruling the company’s designation as a SIFI, the Federal Reserve can only claim it supervises 12.6 percent of the insurance industry. State regulators thought 12.6 percent tattoos might be in order. NAMIC presented at the N... Read more

Group Capital Calculation Working Group: Only Aggregation Approach of Interest

April 12, 2016 Another workstream related to group supervision is the group capital calculation that is to be developed through the new Group Capital Calculation Working Group. The NAIC ComFrame Development and Analysis (G) Working Group finalized a recommendation in ... Read more

Receivership, Insolvency Issues: Can Multiple Affiliated Companies be Included When Only One is Truly Insolvent?

April 12, 2016 Members of the Receivership Model Law Working Group agreed on priorities for the next year. They will work on guidelines for the implementation of Dodd-Frank at the state level, a study on insolvency of non-regulated entities, the need to include affili... Read more

House to Take Action on Financial Reform Legislation

April 11, 2016 The House of Representatives returns from its two-week in-district working period with plans to move a number of financial services reform bills. The House Financial Services Committee will hold a mark-up at 10 a.m. on April 13 on two pieces of legislat... 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

Judge Undoes MetLife SIFI Designation

April 4, 2016 U.S. District Judge Rosemary Collyer has rescinded the Financial Stability Oversight Council’s determination that MetLife Inc. is a systemically important financial institution. Collyer issued a two-page court order March 30 saying she sided with MetLif... Read more

Group Supervision Efforts Continue at NAIC

March 31, 2016 Another workstream related to group supervision is the group capital calculation that is to be developed through the new Group Capital Calculation Working Group. In November 2015, the NAIC ComFrame Development and Analysis (G) Working Group finalized a ... Read more

House Financial Services Committee Questions Treasury Secretary on International Financial System

March 28, 2016 The House Financial Services Committee was addressed by Treasury Secretary Jack Lew at a March 22 hearing titled “The Annual Testimony of the Treasury Secretary on the State of the... Read more

Treasury Secretary to Testify Before House Financial Services Committee

March 21, 2016 Treasury Secretary Jack Lew will appear before the House Financial Services Committee at 10 a.m. March 22 to provide his annual testimony on “The State of the International Financial System.” He has testified before the committee several times over the ... 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

FSOC Maintains MetLife SIFI Designation

March 7, 2016 The Financial Stability Oversight Council conducted an annual review of its designation of MetLife as a systemically important financial institution, or SIFI, March 2 and voted not to rescind the designation. The FSOC provided the company and its lead s... Read more

MetLife SIFI Challenge a Stress Test for Dodd Frank

February 16, 2016 A federal judge voiced significant skepticism of the process for labeling a company as a Systemically Important Financial Institution, or SIFI, during a Feb. 10 hearing in MetLife’s challenge to the federal government. The ongoing lawsuit is the result ... Read more

In the World: New Committee on Group Capital at NAIC; NAMIC Comments on IAIS Consultations; NAMIC Recommendations on IAIS Stakeholder Procedures; 2016 Issues at IAIS

February 11, 2016 In response to the discussion about a global group capital standard, the NAIC has created a working group reporting to the Financial Condition (E) Committee to address a group capital calculation. The new Group Capital Calculation Working Group was dire... Read more

Federal Reserve Chair to Testify Before House, Senate Panels

February 8, 2016 Federal Reserve Chair Janet Yellen is set to appear before both the House Financial Services Committee and the Senate Banking Committee this week to deliver the Federal Reserve’s semi-annual Monetary Policy Report. Yellen will testify first at the House... Read more

House Financial Services Committee to Hold Markup of FY 2017 Budget Views, Estimates

February 1, 2016 The House Financial Services Committee will hold a markup Feb. 2 to adopt and approve the committee’s budget views and estimates for the fiscal year 2017 budget. The committee’s views and estimates help determine what issues it will focus on in the comi... Read more

FIO, USTR Publish Announcement of Covered Agreement Negotiation in Federal Register

January 25, 2016 The Department of the Treasury and the United States Trade Representative published their announcement Jan. 19 of their intention to initiate negotiations to enter into a covered agreement with the European Union. This announcement was sent to the House... Read more

In the Nation: Small Mutual Inflation Update Success; NAMIC Cheers Passage of Policyholder Protection Act; FSOC Members Face House Financial Services Committee

January 15, 2016 NAMIC secured a major victory as a legislative priority for small mutual insurers was passed as part of the 2016 omnibus spending bill. NAMIC estimates possibly thousands of Congressional Contact Program meetings had been conducted in order to encourage... 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

NAMIC Secures Major Industry Victories in Historic Legislative Package

December 16, 2015 As we have been reporting over the last several weeks, NAMIC has been in the thick of negotiations over funding the government and a potential package of updated tax provisions, attempting to have several of our legislative priorities attached and passe... Read more

House Financial Services Committee Holds Hearing on Financial Stability Oversight Council

December 14, 2015 The House Financial Services Committee held its final hearing of the year Dec. 8 on the accountability and transparency of decisions made at the Financial Stability Oversight Council. The committee for the first time had a majority of FSOC members testi... 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

House Financial Services Committee to Hold Hearing With FSOC Members

December 7, 2015 The House Financial Services Committee will receive testimony and have an opportunity to question eight of the voting members of the Financial Stability Oversight Council at a Dec. 8 hearing. While Jacob Lew, secretary of the Treasury, and Janet Yellen,... 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

Financial Services Oversight Panel Questions FSOC on Due Process, Transparency in Designating Insurers as SIFIs

November 23, 2015 The House Financial Services Subcommittee on Oversight and Investigations held a hearing Nov. 19 titled “Oversight of the Financial Stability Oversight Council: Due Process and Transparency in Non-Bank SIFI Designations.” Testifying at the hearing was J... 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

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

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

House Financial Services Committee Holds Marathon Markup to Pass 10 Bills Out of Committee

November 9, 2015 The House Financial Services Committee held a markup on 10 pieces of legislation that began Nov. 3 and spilled into a second day. The only legislation to pass with unanimous bipartisan support was the Policyholder Protection Act of 2015, introduced by R... Read more

Senate Banking Works on Financial Regulatory Reform Compromise

November 9, 2015 The Senate Banking Committee adopted in May a broad financial reform package that included provisions affecting the property/casualty insurance industry. Title IV of the Financial Regulatory Improvement Act contains a “Sense of Congress” affirming the p... Read more

NAMIC Applauds House Committee Passage of the Policyholder Protection Act

November 4, 2015 The National Association of Mutual Insurance Companies welcomed passage today of the Policyholder Protection Act by the U.S. House Financial Services Committee. The bill passed by a 57-0 vote. “Being there for policyholders in times of need is what insu... 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

House Financial Services Committee to Mark-Up Insurance, Financial Stability Oversight Council Legislation

November 2, 2015 The House Financial Services Committee will hold a mark-up of 10 pieces of legislation at 10 a.m. on Nov. 3. Of primary interest is the Policyholder Protection Act of 2015, a bill introduced by Rep. Bill Posey, R-Fla., that would amend the Federal Depos... 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

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

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

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 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

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

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

House Panel Set to Advance Fed Reforms, Mark Dodd-Frank Act’s 5th Anniversary

July 27, 2015 Following a July 22 hearing in which the House Financial Services Subcommittee on Monetary Policy and Trade, chaired by Rep. Bill Huizenga, R-Mich., examined the framework of legislation designed to reform the Federal Reserve, the full committee is expe... Read more

Financial Regulatory Reform Package Added to Senate Appropriations Bill

July 27, 2015 The Senate Banking Committee passed the Financial Regulatory Improvement Act May 21, designed to reform the financial regulatory framework in the United States. Crafted chiefly by Sen. Richard Shelby, R-Ala., who chairs the committee, the bill aggregate... 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 Financial Services Subcommittee to Consider Federal Reserve Reforms

July 20, 2015 The House Financial Services Subcommittee on Monetary Policy and Trade will hold a hearing July 22 titled “Examining Federal Reserve Reform Proposals.” Testifying at the hearing will be John Cochrane, Ph.D., of the Hoover Institution, Paul Kupiec, Ph.D.... 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 Testimony on International Insurance Regulations for Senate Hearing

July 13, 2015 The Senate Banking Committee held a hearing July 8 to consider the influence of the international Financial Stability Board on regulatory decisions made in the United States. Titled “The Role of the Financial Stability Board in the U.S. Regulatory Frame... Read more

In the Nation: Lew Updates House Panel on FSOC’s Annual Report; MetLife Gets Support for Arguments; Fed Considers Domestic Insurance Capital Proposal; Property/Casualty Loss Reserve Adequacy Remains S

July 10, 2015 The House Committee on Financial Services heard testimony from Treasury Secretary Jacob Lew on June 17 that focused on the Financial Stability Oversight Council’s fifth annual report. Committee members inquired about FSOC’s process on how nonbank compan... 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

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

MetLife Seeks Judgment in FSOC Challenge, Court Rules Fed’s AIG Stake ‘Illegal’

June 22, 2015 MetLife filed for summary judgment June 16 in its legal challenge to the Financial Stability Oversight Council’s “systemically important financial institution” designation in the aftermath of a government motion seeking to have the challenge dismissed. ... Read more

House Financial Services Panel to Hold Hearing on Cyber, Question Treasury Secretary on FSOC

June 15, 2015 The House Financial Services Committee will be holding two hearings of relevance to the property/casualty insurance industry. The first hearing will be held by the Subcommittee on Oversight and Investigations on June 16 and will be on the topic of “A Gl... Read more

In the Nation: New GAAP Accounting Disclosures for Property/Casualty Insurers Finalized; DOJ Files Motion to Dismiss MetLife SIFI Case; Bill Including Insurance Issues Passes Senate Banking Committee;

June 11, 2015 The Financial Accounting Standards Board issued its final Accounting Standards Update addressing targeted improvements to disclosure requirements for companies that issue short-duration insurance contracts. Questions remain about how the disclosures wil... Read more

Senate Banking Panel Adopts Broad Financial Reform Package, Includes Insurance Provisions

May 26, 2015 The Senate Banking Committee adopted a broad financial reform package May 21 that includes provisions affecting the property/casualty insurance industry. In a 12-10 party-line vote, the committee, chaired by Sen. Richard Shelby, R-Ala., approved the lan... Read more

Senate Banking Committee to Mark-Up Legislation May 21

May 18, 2015 The Senate Banking Committee will take up legislation aimed at modifying several aspects of financial regulation in the U.S. at a May 21 meeting. In addition to various sections devoted to regulatory relief for banks, the Financial Regulatory Improvemen... 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

Senate Panel Examines Insurance Regulation, NAMIC Member Testifies

April 30, 2015 The Senate Banking Subcommittee on Securities, Insurance, and Investment, chaired by Senator Mike Crapo, R-I.D., held a hearing April 30 titled “Examining Insurance Capital Rules and FSOC Process”, providing lawmakers an opportunity to explore the proce... 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

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

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

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

Lawmakers Seek Clarification on Implementation of Appropriate Capital Standards for Insurers

April 6, 2015 Congress passed the Insurance Capital Standards Clarification Act in December 2014, which would allow the Federal Reserve Board of Governors flexibility to create and implement capital standards appropriate for insurers now under supervision of the Fede... Read more

Senate Banking Committee Examines FSOC SIFI Designation of Nonbank Firms

March 30, 2015 The Senate Committee on Banking, Housing and Urban Affairs held a hearing March 25 titled “FSOC Accountability: Nonbank Designations.” The hearing featured two panels of witnesses, the first consisting of Treasury Secretary Jacob Lew. His appearance was... 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

In the Nation: Congress Weighs In on International Capital Discussions, SIFI Designations; Consumer Financial Protection Bureau Leadership Changes Contemplated; Yellen Hearing at Congress

March 12, 2015 Following the enactment of the Insurance Capital Standards Clarification Act in December 2014, the chairman and ranking member of the U.S. House Financial Services Subcommittee on Housing and Insurance issued a letter to the Federal Reserve in appreciat... Read more

House Republicans Introduce Onslaught of Bills to Reform the CFPB

March 9, 2015 A number of Republicans on the House Financial Services Committee introduced seven pieces of legislation intended to rein in the Consumer Financial Protection Bureau. As NAMIC noted at the beginning of the year, the House Financial Services Committee in... Read more

House Financial Institutions Subcommittee Chairman Neugebauer to Introduce CFPB Bill

March 4, 2015 Members of the Republican Party in the House of Representatives continue to focus on the Consumer Financial Protection Bureau in the 114th Congress. The House has already passed legislation to clarify and amend the Dodd-Frank Act despite a veto threat f... 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

In the Nation: Fed Hiring Insurance Experts; FSOC SIFI Designation Challenged; Insurance Leadership Changes; NAMIC Comments on FHFA Rule Effecting FHLB Membership

February 12, 2015 The Federal Reserve Board of Governors announced planned hiring of additional insurance experts to fill critical roles on its insurance policy team. The announcement follows the enactment of the Insurance Capital Standards Clarification Act in December ... Read more

FACI to Hold Next Meeting Feb. 10

February 2, 2015 The Federal Advisory Committee on Insurance will hold its next meeting Feb. 10 at 1 p.m. EST, in the Cash Room of the Department of Treasury. The meeting will be open to the public and will focus on retirement security, the Terrorism Risk Insurance Prog... Read more

TRIA Alert: Re-Authorization Bill Set for Swift Approval in the House

January 6, 2015 Yesterday saw the first breakthrough for NAMIC’s high-intensity advocacy campaign to swiftly reauthorize the Terrorism Risk Insurance Program that began several weeks ago when the 113th Congress adjourned having failed to pass a bill. We are pleased to ... 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

President Signs Capital and Accounting Standards Fix Into Law

December 19, 2014 After years of working to educate the Federal Reserve and members of Congress on the need to fix Section one of the issues arising from the implementation of the Dodd-Frank Act, NAMIC achieved a huge victory when President Obama signed a fix to the issu... Read more

Congress Fails, TRIA Set to Expire

December 17, 2014 In a shocking turn of events, the Senate adjourned last night for this year without passing a reauthorization of the Terrorism Risk Insurance Program. Because Congress failed to finish this crucial task, the TRIA program will now expire on Dec. 31, and ... Read more

In the Nation: Fed Capital Clarification Act Passes Congress; NAMIC’s HFSC Testimony on Capital Standards; Shapiro Study on Impact of Increased Capital; FSOC Transparency Questioned; Accounting Disclo

December 12, 2014 The National Association of Mutual Insurance Companies welcomed passage of legislation by the U.S. House of Representatives to ensure more accurate and effective regulation for those insurance companies designated for supervision by the Federal Reserve.... Read more

Showdown on TRIA as the House Passes Its Bill

December 11, 2014 As expected Wednesday evening, the U.S. House of Representatives voted overwhelmingly with a vote of 417-7 to pass legislation that would reauthorize the Terrorism Risk Insurance Act for six years. The legislation is different than the seven-year reauth... Read more

NAMIC Says Capital Standard Legislation Will Provide a Better Picture of Insurers’ Financial Health

December 11, 2014 The National Association of Mutual Insurance Companies welcomed passage of legislation by the U.S. House of Representatives that ensures more accurate and effective regulation for those insurance companies designated for supervision by the Federal Reser... Read more

Last Minute Political Maneuvering Jeopardizes Passage of TRIA Reauthorization

December 10, 2014 As you are aware , we are entering into the final stages of a years-long effort to pass legislation reauthorizing the Terrorism Risk Insurance Program before its expiration on Dec. 31. We are pleased to report that the general parameters of a potential ... 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

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

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

FSOC Eyes Review of SIFI Designation Process

November 10, 2014 The Financial Stability Oversight Council has already named several insurance companies as Systemically Important Financial Institutions, or SIFIs, but may be reviewing how such determinations are made. The council has considered certain changes propose... Read more

At the NAIC: ‘Redundancy Rangers’ Off to Fast Start; Group-Wide Supervision Efforts Continue; New Representative on FSOC

November 10, 2014 NAMIC participated in industry comments to the Risk-Focused Surveillance Working Group on potential redundancies in solvency monitoring efforts. The working group has acknowledged this is just the first step in an ongoing process to eliminate redundant ... 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

Maryland Biggest Upset in Mid-Atlantic Region

November 6, 2014 Tuesday’s shocker in the Mid-Atlantic region was Republican Larry Hogan’s huge upset over Democrat Anthony Brown to be the next governor of Maryland. Maryland is one of the strongest blue states in the region, with Democrats outnumbering Republicans two... Read more

Republican Wave Carries GOP to Control of the Senate, Expands House Majority

November 5, 2014 Republicans handily won control of the Senate Tuesday evening as GOP candidates across the country swept to victory in crucial midterm elections, reflecting the electorate’s disenchantment with President Obama. The party’s leaders in Washington will now... Read more

FR Docket No: 2011-26776 Report to Congress on How to Modernize and Improve the System of Insurance Regulation in the United States

October 23, 2014 In December 2011, NAMIC filed comments with FIO on the FIO report to Congress on how to modernize and improve the system of insurance regulation in the United States. NAMIC comments addressed: systemic risk regulation with respect to insurance; capital ... Read more

NAMIC Comments to FSOC on Supervision and Regulation of Certain Nonbank Financial Companies

October 22, 2014 In December 2011, NAMIC filed comments with the Treasury Secretary as Chair of FSOC, on the on the revised rulemaking regarding the authority to require supervision and regulation of certain nonbank financial companies. NAMIC expressed NAMIC its pleasur... Read more

NAMIC filed comments with the Treasury Secretary as Chair of FSOC

October 22, 2014 In February 2011, NAMIC filed comments with the Treasury Secretary as Chair of FSOC, on the proposed rulemaking regarding Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies. NAMIC urged the Council to recognize the le... Read more

NAMIC Comments to FSOC on How PC Companies Pose No Systemic Risk

October 22, 2014 In November 2010, NAMIC filed comments with the Treasury Secretary as Chair of FSOC, detailing how the property/casualty industry poses virtually no systemic risk to the U.S. economy. NAMIC urged the FSOC to recognize the level and quality of existing r... 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

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

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

NAMIC Lauds House Vote to Resolve Capital Standards Issue for Federal Reserve

September 15, 2014 The National Association of Mutual Insurance Companies welcomed a vote by the U.S. House of Representatives today to pass legislation that would ensure more accurate and effective regulation for those insurance companies designated for supervision by th... Read more

House to Vote on Cap Standards Bill

September 15, 2014 House Majority Leader Kevin McCarthy, R-Calif., announced that the House of Representatives will vote on the Insurance Capital Standards Clarification Act of 2014 under suspension, which would require a simple two-thirds majority vote to pass. The legis... 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

FSOC to Hold Closed Meeting

September 2, 2014 The Financial Stability Oversight Council has given notice that it will be holding a closed-session meeting on Sept. 4. According to FSOC, the agenda will address nonbank financial company designations, the council’s 2015 budget, asset management issues... Read more

International Capital Forum Motivates Team USA

August 25, 2014 The International Association of Insurance Supervisors has proposed group capital requirements for Globally Systemically Important Insurers and for internationally active insurance groups. Consultation on the GSII requirements just ended and is expected... 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

House Financial Services Committee Assesses the Dodd-Frank Act Four Years Later

July 21, 2014 The House Financial Services Committee released a report July 21 titled “Failing To End ‘Too Big To Fail’: An Assessment of the Dodd-Frank Act Four Years Later”. The report was released in the lead up to the committee holding a July 23 hearing on assess... Read more

Fed Chair: Insurers Should Not Be Subject to Bank Capital Standards

July 15, 2014 Janet Yellen, chairwoman of the Federal Reserve Board of Governors, testified July 15 before the Senate Committee on Banking, Housing, and Urban Affairs and July 16 before the House Financial Services Committee on the Fed’s semiannual monetary report. D... 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

Busy Month Ahead for Financial Services Issues in Washington

July 7, 2014 Back from a week-long recess for the Fourth of July, Congress is preparing for a busy month with an agenda that will deal with a variety of financial services issues. With the November midterm elections fast approaching, the next four weeks will be amon... Read more

Financial Services Committee to Hold Two Hearings on CFPB This Week

June 16, 2014 The House Financial Services Committee will hold two hearings June 18 on the Consumer Financial Protection Bureau, continuing its dogged oversight of the CFPB’s transparency and accountability. The full committee will hold a hearing at 10 a.m. titled “T... Read more

House Panel to Consider Legislation on CFPB, FSOC Transparency

June 9, 2014 The House Financial Services Committee will continue on June 10 with the markup of 15 bills related to capital formation, the Consumer Financial Protection Bureau, the Financial Stability Oversight Council, and other issues. While NAMIC worked hard to e... Read more

NAMIC Welcomes CFPB Effort on Privacy Notice Requirements

June 9, 2014 NAMIC submitted comments to the Consumer Financial Protection Bureau on a proposed amendment to the Annual Privacy Notice Requirement under the Gramm-Leach-Bliley Act. The letter commended the proposed amendments as an antidote for unnecessary restricti... 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

TRIA Reauthorization, Cap Standards Advance in Senate

June 4, 2014 NAMIC saw significant progress on two issues June 3 as legislation to reauthorize the Terrorism Risk Insurance Act was approved by the Senate Banking Committee and the full Senate passed legislation requiring the Federal Reserve to recognize Standard Ac... Read more

In the Nation: Capital Standards Passes Senate; NAMIC Testifies; FSOC Transparency; FRB Pressure Questioned by House

June 4, 2014 Legislation was just passed by the U.S. Senate that will ensure accurate and effective capital regulation for those insurance companies supervised by the Federal Reserve, including insurance companies designated as systemically important financial insti... Read more

NAMIC Hails Senate Passage of Capital Standards Bill

June 3, 2014 Legislation passed by the U.S. Senate today would ensure more accurate and effective regulation for those insurance companies designated for supervision by the Federal Reserve, according to the National Association of Mutual Insurance Companies. “Today’... 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

FSOC Annual Report Encourages International Regulatory Efforts

May 8, 2014 The Annual Report of the Financial Stability Oversight Council released May 7 included a recommendation that federal regulators continue to work with their international counterparts, potentially including the enactment of capital standards for insuranc... 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

FSOC Eyes Improving Transparency

May 5, 2014 The Financial Stability Oversight Council plans to hold a public meeting on May 7 to consider "enhancements" to its transparency, the Treasury Department announced. This follows a bill introduced by Rep. Scott Garrett, R-N.J., a senior member of the Hou... Read more

NAMIC Welcomes Legislation to Bring Clarity on Capital Standards

April 29, 2014 The National Association of Mutual Insurance Companies welcomed introduction of legislation today in both the House and Senate to instruct federal regulators on the accounting standards they use to oversee insurance-related savings and loan holding comp... Read more

Revised SLHC Capital standards Bill Expected

April 28, 2014 The Senate Banking Committee held a hearing March 11 titled “Finding the Right Capital Regulations for Insurers” to address the issues of capital standards set by the Federal Reserve for savings and loan holding companies. Sen. Susan Collins, R-Maine, t... Read more

Insurance Industry Seeks Congressional Oversight on Global Capital Standard Development

April 24, 2014 The property/casualty insurance industry is calling on lawmakers to investigate efforts to impose European-style capital standards on insurance companies despite objections from U.S. state regulators. In a letter to members of the Senate Banking Committ... 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

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

CFPB Challenged on Transparency

March 24, 2014 The Consumer Financial Protection Bureau, created by the Dodd-Frank Act to serve as an overarching protector of consumer rights, has come under increasing congressional fire for an alleged lack of transparency. NAMIC was successful in stopping the reach... Read more

Dodd-Frank ‘Stress Test’ Rules Recognize Difference between Banks and Insurance

March 18, 2014 Federal regulators kept insurers out of regulatory guidance for “stress-tests” mandated by the Dodd-Frank Act for institutions with between $10 billion and $50 billion in assets, effectively recognizing the argument made by NAMIC and others that bank-ce... Read more

NAMIC Welcomes Hearing, Calls for Action on 'Collins Amendment,' Capital Standards

March 11, 2014 The National Association of Mutual Insurance Companies welcomed a Senate hearing on legislation to ensure that different financial industries are regulated according to appropriately focused capital standards. “In financial regulation, one size does not... Read more

Senate Hearing on Federal Reserve’s Capital Standards for Insurers

March 10, 2014 The Senate Committee on Banking, Housing and Urban Affairs will be holding a hearing March 11 titled “Finding the Right Capital Regulations for Insurers.” At issue is the Federal Reserve Board’s interpretation of a provision in the Dodd-Frank Wall Stree... 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

The Nation: FASB Abandons Convergence; Senators Urge Agencies to Oppose Bank-Centric Regulation; FDIC Proposes OLA Regulation

March 4, 2014 In a monumental decision , the Financial Accounting Standards Board has decided to discontinue attempts to converge accounting standards with IASB for Insurance Contracts. It decided instead to retain current U.S. GAAP with targeted improvements. For pr... Read more

900-Page Tax Reform Discussion Draft Released

February 26, 2014 House Ways and Means Committee Chairman Dave Camp, R-Mich., unveiled on Feb. 26 his long-awaited comprehensive overall haul plan for individual and corporate income taxation. In making the plan public, Camp urged individuals and businesses to consider t... Read more

NAMIC calls on FDIC to set OLA Procedures before Spending Rules

February 18, 2014 NAMIC submitted comments to the Federal Deposit Insurance Corp. on Feb 18 calling on the agency to document and publish its proposed assessment procedures prior to implementing any further regulations regarding its Orderly Liquidation Authority. The FDI... Read more

Dodd-Frank Implementation Still an Issue in Federal Funding Legislation

January 13, 2014 After weeks of negotiating talks, senior appropriators are expected to unveil a $1.012 trillion fiscal 2014 omnibus on Jan. 13 that would fund agencies with new spending plans through Sept. 30, 2014. The current resolution expires Jan. 15, and even thou... Read more

At the NAIC: Fall Meeting Model Exposures, Significant Debates

January 9, 2014 The NAIC Corporate Governance Working Group exposed revisions to the Model Audit Rule requiring companies with more than $500 million in DWP or groups with more than $1 billion in DWP to have an internal audit function. NAMIC coordinated joint industry ... 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

NAIC Takes on FSOC, EIOPA, Own Leadership

December 19, 2013 The NAIC for the first time in years “exposed” a new attitude about its meetings. Connecticut Commissioner Thomas Leonardi delivered a speech at the Executive Committee urging that the NAIC was in need of significant governance re-evaluation and cited s... Read more

FASB Proposes New Standards

September 18, 2013 The Financial Accounting Standards Board Insurance Contracts proposal sets forth significant, new standards changing accounting for insurance contracts. While changes in GAAP standards will not immediately impact statutory accounting requirements that m... 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

FSOC’s AIG SIFI Designation Puts Focus on Insurance

July 11, 2013 The Financial Stability Oversight Council on July 8 officially designated two non-bank financial institutions as Systemically Important Financial Institutions: AIG and GE Capital. The FSOC also released a rationale for why the AIG designation was made, ... 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

House Members Remain Skeptical About FSOC Activities During Committee Hearing

March 19, 2013 Amias Gerety, deputy assistant secretary for the Federal Stability Oversight Council, was on the hot seat at the March 14 House Financial Services Subcommittee on Oversight & Investigations hearing “Who is Too Big to Fail? GAO's Assessment of the Financ... Read more

Senate Confirms New Head for Office of Financial Research

January 8, 2013 Just before officially adjourning, the Senate of the 112th Congress voted on Jan. 1 to confirm Richard Berner to be the head of the newly created Office of Financial Research. Berner had been approved by a voice vote of the Senate Banking Committee in M... Read more

Turnover Begins for Administration’s Regulatory Leaders

December 4, 2012 The first of a wave of new agency directors in the second Obama administration that will define and finalize federal regulations that could impact property/casualty insurers have started to be announced. The first new player to be named is Elisse Walter... Read more

Vitter Continues to Fight FSOC on Systemically Important Financial Institutions

October 9, 2012 Sen. David Vitter, R-La., sent a letter to Treasury Secretary Tim Geithner – also the chair of the Financial Stability Oversight Council – on Sept. 28 expressing serious concerns with the potential designation of non-bank financial companies as Systemic... Read more

NAMIC CEO Calls for Strong Oversight of Dodd-Frank Implementation

July 24, 2012 WASHINGTON (July 24, 2012) Congress should continue its strong oversight of the implementation of the Dodd-Frank Act to prevent the expansion of the agencies created by the law and reduce uncertainty for property/casualty insurers, Charles M. Chamness, ... 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

FSOC Finalizes Rule on Systemically Important Financial Institutions

April 10, 2012 The Financial Stability Oversight Council approved a final rule establishing a designation process and criteria for determining if non-bank financial institutions pose a systemic risk to the economy at a meeting last week in Washington. The Dodd-Frank W... Read more

FSOC Finalizes Rule On Systemically Important Financial Institutions

April 3, 2012 The Financial Stability Oversight Council (FSOC) met earlier this afternoon and approved a process for designating non-bank financial institutions – such as insurers – as Systemically Important Financial Institutions (SIFIs) that had been proposed ... Read more

FSOC Proposes New Rules With Potential to Impact Insurance Industry

October 25, 2011 The Financial Stability Oversight Council released on Oct. 11 two revised notices of proposed rulemaking. One is on the designation of nonbank financial institutions as “Systemically Important Financial Institutions” or SIFIs, and the other implements t... Read more

Dodd-Frank Implementation – FSOC Fills Insurance Expert Slot, Reports to Congress, Looks at Systemic Risk

October 11, 2011 The last insurance slot on the Financial Stability Oversight Council – reserved for an independent insurance expert and given a voting role on the panel – was finally filled Sept. 26 with the Senate’s unanimous confirmation of S. Roy Woodall. Woodall is... Read more