Thursday, December 12, 2013

Federal Insurance Office Releases Report

Today, the Federal Insurance Office (FIO) of the U.S. Department of the Treasury released a report entitled “How to Modernize and Improve the System of Insurance Regulation in the United States”, which was completed pursuant to Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act. NAPSLO’s Legislative Committee will be carefully reviewing the report for any information or recommendations related to the regulation and taxation of surplus lines insurance, and we will be providing additional updates for all NAPSLO members as NAPSLO’s review is completed. From our quick review, Section IV provides a brief summary of the FIO’s review of the Nonadmitted and Reinsurance Reform Act of 2010; however, the report includes no specific recommendations outside of continued monitoring of state progress toward implementation of Subtitle B of Title V of the Dodd-Frank Act. 

NAPSLO members with questions should contact either Keri Kish, NAPSLO Director of Government Relations, or Brady Kelley, NAPSLO Executive Director, at 816.741.3910.     

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