Insurance Information Institute President Robert Hartwig Reports On Potential Dodd-Frank Implications for Insurers
Oct 18, 2011
The Insurance Information Institute (“III”) has issued a presentation on potential implications for insurers under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”).
In the presentation, III President Dr. Robert Hartwig reviews the implementation status of Dodd-Frank one year after its enactment and the reasons for its slow implementation.
Specifically, Dr. Hartwig addresses the issue of systemic risk, noting that a small number of insurers may be designated as Systemically Important Financial Institutions. A detailed analysis of the multi-stage process proposed by the FSOC for designating a firm to be systemically important is included.
Further sections in the presentation provide an overview of insurance industry financial developments overview and a review of financial nonlife and life insurers’ strength and solvency.
Also discussed is the expected impact of Dodd-Frank on insurance in short, medium and longer-term, and the streamlining and “harmonizing” of regulation. Dr. Hartwig explores whether the ultimate regulatory authority for insurance will be federal, or state and international coordination. He also reviews the roles of the Financial Stability Oversight Council (“FSOC”) and the Federal Insurance Office (“FIO”), which are agencies created by Dodd-Frank.
An FIO study on the state of insurance regulation is due on January 21, 2012.
To view the presentations, click on a hyperlink below for either Microsoft PowerPoint or Adobe Acrobat format. Once open, you can choose “file” from your menu and save the PowerPoint presentation to your disk.
Should you have any questions or comments, please contact Colodny Fass.
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