The Federal Insurance Office (FIO) announced that their report on the state of the insurance industry, including recommendations for modernization of insurance regulation, which was due on January 21, 2012, will be delayed.  A spokesperson for the Treasury Department, of which this office is a part, said it would be “weeks” until the report is issued.

The Dodd-Frank Wall Street Reform and Consumer Protection Act established the FIO and the report.  According to the bill, the report was due on January 21, 2012.

Among the FIO’s responsibilities are identifying issues contributing to systemic risk, studying delivery and pricing systems to underserved markets, advising the Treasury Secretary on insurance issues and developing federal policy on domestic and international regulatory issues.

Several within the insurance industry have spoken positively about the information that has been submitted to the FIO. 
Michael Nelson of a Pennsylvania law firm that works in the insurance industry, said that “there were a number of very lengthy, well-thought-out responses to the FIO’s call for information.”
“I am assuming that the FIO is doing its best to make sure it understands all the different thoughts and put them into a meaningful summary that helps those around these issues understand different viewpoints. I can tell you that there are different viewpoints on how the FIO should be positioned, and obviously there is a viewpoint that the U.S. state-based regulatory scheme works extremely well. But there is an important voice in Washington to work on a national platform to work with members of other countries and with international organizations.”

At the Insurance Information Institute’s annual industry forum, FIO Director Michael McRaith said that his office has received nearly 150 letters from industry leaders on how to improve the current system.  The FIO also gathered information by organizing meetings with industry leaders.

This article was based in part on one by Young Ha for insurancejournal.com