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The FIO Report on Insurance Regulation

Looking beyond the cover


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The eagerly anticipated Federal Insurance Office (FIO) report, How to Modernize and Improve the System of Insurance Regulation in the United States, was released in December 2013 to relatively mild reaction from the industry.

This may reflect the lack of a call in the report for major, immediate changes in the current state-based system of state regulation. But the absence of such an explicit call does not necessarily mean that the seemingly moderate proposal for a hybrid system of state-federal regulation may not, in the end, signal the beginning of a shift to a new regulatory paradigm.

While noting the success of state regulation, the report largely reinforces the need for reforms to move the insurance regulatory regime toward uniformity and efficiency, reducing unnecessary costs to industry and ultimately, consumers. Unsaid, but implied, are concerns that uniformity at the state level cannot be achieved without federal involvement.

Overall, while the financial crisis may be considered to have demonstrated the effectiveness of current insurance regulation in the United States, it is also evident that, as in any enterprise, there are areas for improvement. The FIO Report on insurance regulation: Looking beyond the cover highlights key takeaways and interpretations from the Federal Insurance Office (FIO) report, How to Modernize and Improve the System of Insurance Regulation in the United States. Topics include:

  • Concerns and cost of state regulation
  • The need to streamline and rationalize producer licensing and market conduct regulation
  • Standardizing product approval
  • Innovation in rate regulation
  • External drivers influencing the regulatory future
  • Short term impact of the report

For more information, download the PDF.

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