The Dodd-Frank Wall Street Reform Act charged the Federal Insurance Office (FIO) with submitting several reports to Congress, including an annual report as well as recommendations for modernizing insurance regulations. To date, those reports remain outstanding. In its oversight plan submitted to Congress earlier this month, the House Committee on Financial Services, chaired by Jeb Hensarling (R-TX), urged the FIO to submit “long overdue reports without further delay.” The reports, which were due in January 2012, are expected to provide insight into how the FIO plans to use its authority. A senior Committee aide added that the Chairman may hold hearings to formally question the Administration about the delay.
Although the Obama Administration has remained quiet about the timing of the reports, the Under Secretary for Domestic Finance at the Treasury Department recently broached the issue. While testifying before the Senate Banking Committee on February 14, 2013, the Under Secretary, Mary Miller, said that “FIO will soon release its first annual report on the insurance industry and its report on how to modernize and improve the system of insurance regulation in the United States. FIO is working diligently to release these and several other reports in the coming months.”
For a copy of the oversight plan, click here