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Federal Insurance Office seeks public comment on improving regulation


WASHINGTON—The Federal Insurance Office is seeking public comments for its report to Congress on how to modernize and improve U.S. insurance regulation.

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the new FIO, which was established by the law, to conduct a study on modernizing and improving insurance regulation. The law says the study should be submitted to Congress no later than 18 months after Dodd-Frank became law, which would mean it should be completed in January.

In a notice published in Monday's Federal Register, the office said comments should be submitted by Dec. 16. Among other things, the FIO wants to receive views on systemic risk regulation as it applies to insurers; international coordination of insurance regulation; and the cost and benefits of federal insurance regulation.