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Congress Passes Dodd-Frank Act; Insurers Prepare for Regulatory Implementation
On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Act, the broadest financial reform legislation since the Great Depression.
PCI is pleased that significant improvements were made to the final bill to minimize the potential negative consequences of adding federal oversight to the state-based insurance regulatory system. However, PCI remains concerned over the long-term impact of this legislation on U.S. competitiveness for the financial services sector.
The newly created Federal Insurance Office (FIO) will go into effect immediately. Home, auto and business insurance companies remained strong and stable throughout the financial crisis due to our unique state-based regulatory structure that enforces strict solvency standards and consumer protections. As a result, Congress ultimately limited the scope of the FIO and recognized that it should not be a duplicative federal insurance regulator. The office is restricted primarily to monitoring the industry and advising Congress and federal agencies on insurance issues.
It is important to note this is still only the midpoint for financial services reform. Federal regulators will now be charged with implementing the new legislation and will have broad discretion over the rule-making process.
PCI will continue to be actively engaged and working with regulators to protect home, auto and business owners and preserve a strong and stable insurance marketplace. We urge a careful approach to adding any federal oversight to the state-based insurance regulatory system that maintains Congress’ important safeguards for FIO.
It is critical that industry professional remain engaged in efforts to ensure the least and lightest touch of the federal government to our industry. PCI encourages industry professionals to learn more about regulatory reform efforts and implementation process through the information on our Web site and to be involved in PCI’s grassroots initiatives at Insurers for Action.
For questions on regulatory reform issues, please contact Robert Gordon, senior vice president, policy development and research.
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PCI Resources | View archive
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Addressing Financial Services Regulatory Reform
Conference Report | June 30, 2010
PCI Letter to Reid & McConnell on Amendment SA 3922 | May 17, 2010
PCI Letter to Reid & McConnell on Amendment SA 4012 | May 17, 2010
NERA White Paper: De-Mystifying Interconnectedness | April 23, 2010
NERA White Paper Abstract: De-Mystifying Interconnectedness | April 23, 2010
NERA White Paper: Problems With Reliance On Firm Size For Systemic Risk Determination | January 18, 2010
NERA White Paper Abstract: Problems With Reliance On Firm Size For Systemic Risk Determination | January 18, 2010
PCI Letter to Dodd and Shelby on Systemic Risk
PCI Letter to Warner and Corker on Systemic Risk
PCI Letter to House Financial Services Committee on FIO
PCI Letter to House Financial Services Committee
Systemic Risk Definition Document
Regulatory Distinctions Between Solvency & Systemic Risk Regulation
Systemic Risk Regulation Proposal
PC Insurance Line Systemic Risk Grouping
Resolution Authority - Moral Hazard Documents
Financial Obligation Insurance: Systemic Risk Differences
Financial Regulatory Reform Acronym Reference
Information Sharing Proposal
PCI’s Perspective on Systemic Risk and Regulatory Reform | View all
PCI Testimony on Insurance Holding Company Supervision | March 18, 2010
PCI OpEd - DiMuccio: Lawmakers, Don’t Overregulate the Financial Industry (Roll Call ) | March 18, 2010
PCI White Paper on Systemic Risk Analysis
PCI Testifies Before House Financial Services Committee
PCI Member Janice Abraham Testifies Before House Financial Services Committee
PCI Member J. Douglas Robinson Testifies Before U.S. House Small Business Committee
PCI Testimony by David A. Sampson on Perspectives of Systemic Risk
PCI Testimony by Bob DiMuccio on Perspectives of Systemic Risk
Financial Services & Insurance Industry Data
Impairment Experience of the Financial Services Industry
PC Market Concentration Analysis
2007 Property Casualty Market Share
PCI Principles of Good Regulation 
Insurance Industry: An Economic Cornerstone
Consumer Protections
Protections for PC Consumers Fact Sheet
How Guaranty Funds Work
PCI Video: What are State Guaranty Funds?
PCI Bulletins & Updates | View all
CEO Alert: Status of Conference Committee on Financial Services Regulatory Reform | June 11, 2010
CEO Bulletin: Restoring American Financial Stability Act of 2010 | March 16, 2010
New Report: ‘Too Big to Fail,’ Too Short-Sighted to Succeed | February 22, 2010
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