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Friday, July 30, 2010
United States: Impact of the New Federal Financial Regulatory Reform Law on Life Insurance
On July 21, 2010, after several weeks of deliberations in the Senate and the House of Representatives, President Obama signed HR 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act.Of most importance to life insurers, HR 4173 does not alter the current state-based insurance regulatory scheme. However, it: (1) creates the Federal Insurance Office within the Treasury Department; (2) streamlines regulation of reinsurance; and (3) directs the preparation of studies on three topics: (a) the current state regulatory system; (b) the viability and utility of federal regulatory intervention as an alternative or adjunct to the current state-based system; and (c) the state of the surplus lines marketplace. Other insurance-related provisions or exclusions relate to the Consumer Financial Protection Bureau, Financial Stability Oversight Council, Orderly Liquidation Authority, Rule 151A elimination, and Corporate Governance and Executive Compensation requirements for publicly traded insurance companies. Read more... posted by Charles Monat Associates at 9:49 AM
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