What Would the Insurance Provisions of Dodd-Frank Look Like Under the Trump Administration?

The incoming Trump Administration has already signaled its intent to repeal, or at the very least reform, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). To date, President-elect Trump has not signaled what changes he would make with respect to the insurance provisions of Dodd-Frank.  However, there is a bill in Congress that provides at least some insight as to what these changes might look like.

In September 2016, Congressman Jed Hensarling (R-TX), Chairman of the House Financial Services Committee, introduced H.R. …

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Federal Reserve Takes Steps on Capital Standards for Nonbank SIFIs

The passage of the Dodd-Frank Act led to an increased role for federal financial regulators in regulating insurance companies. While insurance companies are still primarily regulated at the state level, certain insurance companies also qualify for federal regulation. For example, Dodd-Frank explicitly requires that the Federal Reserve Board (FRB) regulate all financial institutions designated as systemically important financial institutions (nonbank SIFIs) by the Financial Stability Oversight Council (FSOC). Currently, FSOC has designated two insurance companies as nonbank SIFIs: Prudential and AIG. The FSOC also designated …

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U.S. District Judge Explores the SIFI Designation Process

For the first time since the passage of Dodd-Frank, a U.S. District Judge is exploring the process by which the Financial Stability Oversight Council (FSOC) designates non-bank financial institutions as systemically important financial institutions (nonbank SIFIs). On February 10, 2016, U.S. District Judge Rosemary Collyer of the U.S. District Court for the District of Columbia heard arguments in the matter of MetLife v. FSOC.

In January 2015, MetLife filed a lawsuit challenging the FSOC’s designation of MetLife as a nonbank SIFI. Specifically, the lawsuit …

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Federal Insurance Office Issues Reinsurance Report

Among other provisions, Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) authorizes the Federal Insurance Office (the FIO) to monitor all aspects of the insurance industry, including reinsurance. {Dodd-Frank Act, §§ 501-502; 31 U.S.C. § 313 (c)(1)(A) (2010)}. On December 31, 2014, pursuant to Title V of the Dodd-Frank Act, the FIO issued its report on reinsurance entitled “The Breadth and Scope of the Global Reinsurance Market and the Critical Role Such Market Plays in Supporting Insurance in

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Too Big To Fail? MetLife To Fight Federal Agency’s Designation of the Insurer as a ‘Systemically Important Financial Institution’

In the wake of the 2008 financial crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). After Americans quickly learned that financial institutions previously thought “too big to fail” could, in fact, fail, Dodd-Frank equipped the Federal Reserve with unprecedented regulatory power to ensure safeguards were in place to prevent a similar crisis in the future. Dodd-Frank established the Financial Stability Oversight Council (FSOC), a government organization which has the authority to designate financial institutions as Systemically Important Financial Institutions (SIFIs). …

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