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 Treasury’s Federal Insurance Office Releases Second Annual Report


9/24/2014
FIO Discusses Developments in the Insurance Industry
 
WASHINGTON – The U.S. Department of the Treasury’s Federal Insurance Office (FIO) today released its second Annual Report on the Insurance Industry.  Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, FIO must report annually to the President and Congress on the state of the insurance industry and any other information deemed relevant or requested.
 
“As the report indicates, the insurance industry showed increasing resilience through 2013, with strong financial performance and expanded overall growth,” said Michael McRaith, Director of FIO.  “While the insurance market is becoming ever-more global, the U.S. domestic market remains highly competitive and an important cornerstone of the national economy.”
 
The Report begins with an overview of the insurance industry that presents and analyzes the financial performance and condition of the key U.S. insurance industry sectors.  This section also includes analysis of insurance industry capital markets activity, the continuing importance of non-U.S. reinsurers, and the expanding role of alternative risk transfer mechanisms such as insurance-linked securities. 
 
In addition, the Report includes a section focusing on matters of consumer protection and access to insurance, including affordability of personal auto insurance; portability of auto insurance for servicemembers; force-placed insurance for homeowners; and topics concerning life insurance and annuities.  Finally, the Report addresses a range of regulatory developments—at the state, federal, and international levels—which have occurred or progressed over the past year, and which have implications for the U.S. insurance sector. 
 
FIO, which was established within Treasury as part of the Dodd-Frank Act, monitors all aspects of the insurance sector, including identifying issues that could contribute to systemic risk in the insurance industry or the U.S. financial system.  It also assesses the availability and affordability of insurance to traditionally underserved populations, advises the Secretary of the Treasury on major domestic insurance policy issues, and represents the United States on prudential aspects of international insurance matters.
 
 
For more information on FIO, please visit www.treasury.gov/initiatives/fio.
 
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