Recent Insurance Industry Developments: FIO Reports on Insurance Industry Consumer Issues; FSB Updates G-SII ListSullivan & Cromwell LLP - November 28, 2016
On November 21, 2016, the Federal Insurance Office (“FIO”) issued its first annual Report on Protection of Insurance Consumers and Access to Insurance (the “Report”). The Report discusses and provides FIO’s policy recommendations on five themes in insurance and consumer protection, including: (i) insurance and technology, (ii) environmental hazards and insurance, (iii) fairness in insurance practices, (iv) fairness in state insurance standards, and (v) retirement and related issues.
Also on November 21, 2016, the Financial Stability Board (the “FSB”) published the 2016 list of global systemically important insurers (“G-SIIs”) after consultations with the International Association of Insurance Supervisors (the “IAIS”) and national authorities. The nine insurers on the 2016 G-SII list remain the same as those on the FSB’s 2015 list. In the release announcing the 2016 G-SII list, the FSB also announced that the IAIS is considering using an activities-based approach to complement its current entity-based G-SII assessment approach.