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Although business operations around the globe are subject to varying degrees of risk, the insurance industry provides the assurances that enable companies to grow and thrive. But the increased regulation is creating changes that will impact both insurers and insureds. For example:
- Spurred by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), states are looking at ways to harmonize insurance laws across state lines. Similarly, the Federal Insurance Office, which was created by the Dodd-Frank Act, may open the door for insurance companies to be domiciled in one state while transacting business in another state.
- The Financial Stability Oversight Council now has the authority to designate nonbank financial companies — including insurance companies — as systemically important and, therefore, subject to Federal Reserve Board supervision. This will add another layer of monitoring and accountability for some insurers.
- The Financial Insurance Office is now authorized to work with the U.S. Trade Representative to negotiate trade issues affecting the U.S. insurance industry, which could reduce nontariff barriers that have made it challenging for U.S. insurance companies to do business abroad.
Is your company positioned to succeed?