Shortly after industry lawyers called conflicts over the scope of the Financial Stability Oversight Council the "cutting-edge issue" for insurance regulation, an industry report labeled the Federal Insurance Office the "biggest wildcard" in regulatory reform.
Both new federal bodies, housed in the Treasury Department, were created by the Dodd-Frank financial services reform law. And while experts have differing views on which office could have the greatest impact on regulation, they all said the timing is still early, with the biggest questions still unanswered.
Regarding the FIO, a Deloitte report, "Insurance Industry Outlook: High Hurdles Loom in 2011 & Beyond," authored by Sam Friedman, insurance leader for Deloitte Research, notes that while the FIO does not have much regulatory authority on paper, it can strain insurer operations and raise compliance costs by demanding data from the industry to carry out its mandate to produce studies.
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