Federal Insurance Office Misses Modernization Report Deadline
Feb 1, 2012
The anticipated publication deadline of an insurance industry modernization report by the newly created Federal Insurance Office (“FIO”) has passed.
The FIO, which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd Frank”), required the FIO to deliver the report within 18 months of the law’s enactment on July 21, 2010. That made the deadline January 21, 2012, according to a Federal Reserve timeline that can be accessed by clicking here.
Among the speculated reasons for report’s tardiness include the appointment of FIO Director Michael McRaith seven months after Dodd-Frank was enacted.
Colodny Fass will continue to monitor the report’s anticipated publication.
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