[Federal Register Volume 76, Number 200 (Monday, October 17, 2011)]
[Pages 64174-64175]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-26776]



Public Input on the Report to Congress on How To Modernize and 
Improve the System of Insurance Regulation in the United States

AGENCY: Departmental Offices, Treasury.

ACTION: Notice and request for comment.


SUMMARY: Section 313(p) of Title 31 of the United States Code, as 
codified by the Dodd-Frank Wall Street Reform and Consumer Protection 
Act (Pub. L. 111-203) (the ``Dodd-Frank Act'') requires the Federal 
Insurance Office (the ``FIO'') to conduct a study on how to modernize 
and improve the system of insurance regulation in the United States. 
The study must be submitted to Congress not later than 18 months after 
the date of the Dodd-Frank Act's enactment. To assist the FIO in 
conducting the study and formulating its recommendations, the FIO is 
issuing this request for comment.

DATES: Comment Due Date: December 16, 2011. Early submissions are 

ADDRESSES: Interested persons may submit comments electronically 
through the Federal eRulemaking Portal at http://www.regulations.gov, 
in accordance with the instructions. Comments will be available at 
http://www.regulations.gov as submitted, unless modified for technical 
reasons. Accordingly, your comments will not be edited to remove any 
identifying or contact information. Electronic submissions are 
    Comments may also be mailed to the Department of the Treasury, 
Federal Insurance Office, MT 1001, 1500 Pennsylvania Avenue, NW., 
Washington, DC 20220.
    Additional Instructions. Responses should also include: (1) The 
data or rationale, including examples, supporting any opinions or 
conclusions; (2) approaches and options toward improvement or 
modernization, if any; and, (3) any specific legislative, 
administrative, or regulatory proposals for carrying out such 
approaches or options.

FOR FURTHER INFORMATION CONTACT: Federal Insurance Office, Department 
of Treasury, at (202) 622-3137.


I. Background:

    The Dodd-Frank Act requires the FIO to conduct a study on how to 
modernize and improve the system of insurance regulation in the United 
States (31 U.S.C. 313(p)(1)). This study will be based on and guided by 
the considerations and factors listed in the statute.

[[Page 64175]]

II. Solicitation for Comments:

    Commenters are invited to submit views on:
    1. Systemic risk regulation with respect to insurance;
    2. Capital standards and the relationship between capital 
allocation and liabilities, including standards relating to liquidity 
and duration risk;
    3. Consumer protection for insurance products and practices, 
including gaps in State regulation and access by traditionally 
underserved communities and consumers, minorities, and low- and 
moderate-income persons to affordable insurance products;
    4. The degree of national uniformity of State insurance regulation, 
including the identification of, and methods for assessing, excessive, 
duplicative or outdated insurance regulation or regulatory licensing 
    5. The regulation of insurance companies and affiliates on a 
consolidated basis;
    6. International coordination of insurance regulation;
    7. The costs and benefits of potential Federal regulation of 
insurance across various lines of insurance (except health insurance);
    8. The feasibility of regulating only certain lines of insurance at 
the Federal level, while leaving other lines of insurance to be 
regulated at the State level;
    9. The ability of any potential Federal regulation or Federal 
regulators to eliminate or minimize regulatory arbitrage;
    10. The impact that developments in the regulation of insurance in 
foreign jurisdictions might have on the potential Federal regulation of 
    11. The ability of any potential Federal regulation or Federal 
regulator to provide robust consumer protection for policyholders; and
    12. The potential consequences of subjecting insurance companies to 
a Federal resolution authority, including the effects of any Federal 
resolution authority:
    i. On the operation of State insurance guaranty fund systems, 
including the loss of guaranty fund coverage if an insurance company is 
subject to a Federal resolution authority;
    ii. On policyholder protection, including the loss of the priority 
status of policyholder claims over other unsecured general creditor 
    iii. In the case of life insurance companies, on the loss of the 
special status of separate account assets and separate account 
liabilities; and
    iv. On the international competiveness of insurance companies.

    Authority: 31 U.S.C. 313.

Michael T. McRaith,
Director, Federal Insurance Office, Department of Treasury.
[FR Doc. 2011-26776 Filed 10-14-11; 8:45 am]