Tag: Federal Insurance Office

How a Single Bill Could Reshape Insurance Regulation in America

G. Turner
Insurance Regulation

Congressman Troy Downing Introduces Legislation to Abolish the Federal Insurance Office Congressman Troy Downing, representing Montana’s 2nd district, has introduced a new bill, H.R. 643, in the U.S. House of Representatives aimed at abolishing the Federal Insurance Office (FIO). The proposed legislation seeks to return full regulatory authority over the insurance industry to state governments, eliminating what supporters consider an unnecessary and duplicative federal entity. “The law is clear. Regulation of the insurance industry rests with the states, not big government,” Downing stated in a press release. This reflects his…

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Government seeks information from insurers regarding terrorism insurance program

S.Vagus
commercial business owner industry machine terrorism insurance

Federal government is requesting that insurers submit data concerning the Terrorism Risk Insurance Program The U.S. federal government is requesting information from insurers participating in the Terrorism Risk Insurance Program. The insurance program was established in the wake of the 9/11 terrorist attacks in 2001 and was reauthorized in 2015 through 2020. The program is meant to serve as a financial backstop for insurers, allowing them to effectively mitigate the risks associated with acts of terrorism. While such acts are quite rare in the United States, insurers still face certain…

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Auto insurance bill allows members of the military to keep coverage

G. Turner
servicemembers military USAA Insurance company

Should it become a law, these individuals will be able to maintain their policies when changing states. At the moment, members of the military and their families cannot necessarily carry their auto insurance coverage from one state to the next when they are required to move for their jobs, but a new bill has now been introduced in Congress with the intention of changing that trend. This bill would make it possible for the policies to be kept active when moving from one state to another. The Servicemembers Insurance Relief…

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Auto insurance affordability taken on by FIO

G. Turner
Health Plan Premiums Could Rise

The shiny new Federal Insurance Office is taking its first steps toward vehicle coverage. The Federal Insurance Office (FIO), which has only just recently been created, has now set its sights on the auto insurance sector and it has now announced that it will be taking on the issues of both availability and affordability. The FIO is going to be focusing specifically on the way that a specific group of consumers is being served. According to the announcement from the FIO, it will be starting a study that will look…

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Auto insurance premiums calculations are under the microscope

G. Turner
auto insurance premiums

Insurers and industry groups are seeking to lower rates through the better use of available data. According to the research conducted by consumer groups, the factors that are being used to calculate auto insurance are being used unfairly for that practice, as issues unrelated to driving risk are being given far too much weight. These factors go far beyond the obvious points such as speeding tickets and car accidents. The New York Public Interest Research Group and the Consumer Federation of America have both issued their own separate reports that…

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US insurance industry oversight increase sought by Treasury

G. Turner
US life insurance policy payout ruling

It is looking for a larger role in being able to regulate insurers, particularly in specific sectors. The United States Treasury has now made a call to be able to receive a broader role in overseeing the US insurance industry on a federal level, especially when it comes to areas such as mortgage coverage, the use of personal data for calculating premiums, the collection of the information in the first place, and the employment of secretive “captives” entities by insurers in order to try to keep risks off the books.…

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Catastrophe insurance market recommendations made by RIMS

H. Cutner
Insurance News on catastrophe insurance losses

A letter sent to the U.S. Treasury has made a number of natural cat coverage marketplace suggestions. The Risk Management Society (RIMS) has now issued a letter to the United States Treasury in order to share its recommendations regarding potential improvements to the way that the natural catastrophe insurance market operates throughout the country. The organization had been asked to submit this letter as an element of a study conducted by the FIO. The Federal Insurance Office (FIO), a part of the U.S. Department of the Treasury, is performing a…

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