SOFE Annual Career Development Seminar – Marco Island, FL

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Presentation transcript:

SOFE Annual Career Development Seminar – Marco Island, FL July 24, 2017 Session B1 Has Federal and International Regulation of Insurance been Trumped? James B. Morris, CPA, CFE, CICA, CGMA

Agenda Review of Dodd-Frank Agencies Recent Significant Activities Outlook for the future Recent Significant Activities Financial Stability Oversight Council Federal Insurance Office International Association of Insurance Supervisors NAIC Questions and Answers

Dodd-Frank Agencies Significant Agencies Created Financial Stability Oversight Council Office of Financial Research The Data Center The Research and Analysis Center Bureau of Consumer Financial Protection Federal Insurance Office

FSOC Activities Transparency Challenge MetLife Designation Challenge GE Capital de-designation Independent Member with Insurance Expertise

FIO Activities Covered Agreements Modernization Report IAIS Organization for Economic Cooperation and Development EU-U.S. Insurance Dialogue

FIO Activities Modernization Report - Direct Federal Involvement Develop and implement oversight standards for mortgage insurers Adoption of uniform reinsurance collateral requirements Participate in supervisory colleges Adopt the National Association of Registered Agents and Brokers Reform Act of 2013 (NARAB II) Adoption of the National Insurance Producer Registry (NIPR) by the States Develop personal auto insurance policy for military personnel Maximize number of insurers offering personal lines products Study use of personal information in insurance pricing Improve accessibility and affordability of insurance on Native American and Tribal Lands Monitor state progress on simplification of collection of surplus line taxes

IAIS Activities Global Capital Standard Insurance Capital Standard (ICS) Basic Capital Requirement (BCR) Higher Loss Absorbency (HLA)

IAIS Activities The Common Framework for the Supervision of Internationally Active Insurance Groups (IAIGs) Development Phase/Field Testing Supervisory Colleges IAIGs reactions Finalization and adoption

International Activities of the NAIC Member of IAIS Executive Committee Staff participation in EU-U.S. Dialogue Supervisory Colleges Sponsors Annual International Insurance Forum since 2013

International Activities of the NAIC NAIC Committees: International Insurance Relations (EX) Leadership Group International Solvency and Accounting Standards (E) Working Group Group Solvency Issues (E) Working Group International Insurance Relations (G) Committee International Regulatory Cooperation (G) Working Group

Questions ??????????

Contact Info Jim Morris, CPA, CFE, CICA, CGMA Senior Manager 8140 Corporate Drive, Suite 140 Baltimore, MD 21236 410-824-0152 james.morris@bakertilly.com