Industry Response to Recent Heightened Federal Involvement in Regulation and Supervision of Insurance

February 26, 2015 4:05pm

Leah Campbell
Partner
Willkie Farr & Gallagher LLP

L. Charles Landgraf
Partner
Arnold & Porter LLP (Washington, DC)

David Snyder
Vice President, International Policy
Property Casualty Insurers Association of America (PCI)

  • Tracking the latest activities of the Federal Reserve Board of Governors (FRB); the Financial Stability Oversight Council (FSOC); and the Federal Insurance Office (FIO)
  • How might the activities of these three agencies potentially alter the landscape of insurance regulation in the US – what is the industry response?
  • The battle between the federal government and individual states over whose authority trumps in the insurance industry sandbox
  • How are the fed and state coordinating with the NAIC?
  • Examining the latest FSOC activity in designating non-bank Systemically Important Financial Institutions (SIFIs)
  • What are the standards/criteria being applied to determine if a company is a SIFI?
  • If designated as a SIFI, what “enhanced standards” will these companies be subjected to by the FRB? What will the financial solvency requirements entail?
  • Does the FSOC indicate what actions would need to be taken to end a SIFI designation?
  • How will the “enhanced standards” required of designated SIFIs impact the US insurance market?
  • Examining the latest tensions between state regulators and the FIO
  • Industry response to recent FIO recommendations on how to modernize the existing regulatory system for insurers
  • The latest strides taken by the FIO in negotiating “covered agreements” between the US and foreign governments (granting third-party insurance firms equivalent status with domestic insurers under US law) – what has been the response to the FIO’s involvement in this area?