You are here:HomeNews CenterInsurance News2013FIO Report Delayed Another Three Months

FIO Report Delayed Another Three Months

The Congressionally-mandated report on insurance regulation by the Federal Insurance Office (FIO), already 14 months overdue, will not be released for at least three more months...
March 20, 2013

The Congressionally-mandated report on insurance regulation by the Federal Insurance Office (FIO), already 14 months overdue, will not be released for at least three more months. Speaking during a meeting of the Federal Advisory Committee on Insurance in Washington on March 13, FIO Director Michael McRaith said the insurance regulation report, along with several others that are also overdue, will be out by summer. “We expect these reports will be out before July,” he said.

This latest delay came just five days after NAIC CEO Ben Nelson, in a March 8 speech to the National Conference of Insurance Legislators (NCOIL), said the FIO needs to stick to its assigned role and not attempt to do a job it has not been authorized to do. Nelson said FIO and its officials need to “stay in their own lane” and do “the job it was intended to do, but not our job.”

There are concerns that the FIO might attempt to use this report as a power grab for itself, to propose that it take over some or all insurance regulatory functions from the states.

Just prior to the FIO’s announcement that this report would be delayed again until summer, multiple industry sources were telling PIA National that the report would be released within days. Perhaps the public admonitions administered by Ben Nelson were timely. During his March 8 speech to the state insurance legislators, Nelson restated that the FIO is not a regulator. He then added, “I think they’re beginning to understand that.”

Filed under: