The first report of the Federal Insurance Office was released today, but this "Annual Report" is not the delayed modernization report mandated by the Dodd-Frank Act, and it makes no controversial observations as to how the industry should be regulated in the future.
FIO Director Michael McRaith will note in testimony during a hearing tomorrow that his office expects to produce a number of additional reports this year, including the report on how to modernize and improve the system of insurance regulation in the United States and, separately, on the breadth, scope and role of the global reinsurance market.
The annual report released today only outlines current key industry issues, such as the low interest rate environment; natural catastrophes and their impact "on individuals, families, businesses, and communities"; the changing demographics in the United States, where the aging of the U.S. population combined with increased life expectancy has increased demand for products that offer lifetime income protection; and growth opportunities in emerging markets.
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