U.S. Insurance industry players should brace themselves for major changes in Insurance regulations come next year. As the new Federal Insurance Office (FIO) has been tasked to crowdsource views on ways to modernize the U.S. insurance regulatory framework. This announcement comes as a surprise to many as changes to insurance regulation has in the past always been met with resistance from industry players.
The FIO has embarked on the crowdsourcing initiative through the Federal eRulemaking Portal, and ?snail mail.? The agency will gather views from interested parties by mid-December 2011. The effort is part of the Dodd-Frank Act that empowers the FIO to find ways to modernize insurance regulation despite opposition from industry players.
Under the initiative, interested parties will submit their views on the following areas;
- Systemic risk regulation
- Capital allocation standards
- Consumer protection
- Levels of uniformity of state insurance regulation
- Possible gains from a federally regulated insurance industry
The Department of Treasury expects the crowdsourced views to mainly focus on mechanisms and alternatives for regulation modernization and enhancements. The views are expected to showcase data or rationale, examples, supportive arguments and conclusions, existing legislative, administrative or regulatory proposals for implementing the outlined approaches or alternatives.
Many industry players have already expressed opposition to such proposed regulatory changes. However, some players have kept an open mind, but even then they can?t agree on what changes to be implemented. No one knows as yet to what extent the crowdsourced views will influence the resulting changes, or who the views will be crowdsourced from.
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Thanks insurancetech
Image credit Steve-h
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