Informed Policymakers

  • We believe it is very important for the subcommittee, and other committees in Congress with jurisdiction over insurance, to have a sound understanding of how our industry operates...
  • ..., I would like to focus my remarks this morning on why the ACLI believes that the new Federal Insurance Office, FIO, is an extremely important new player in the insurance arena and why it is important for that office to be fully funded and staffed as quickly as possible.  (p26)

--  Statement of Gary E. Hughes, Executive Vice President & General Counsel, American Council of Life Insurers (ACLI)

2011 0728 - GOV (House) - Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs - [PDF-285p, Video?]

  • The Academy views its role in the government relations arena as providing information and actuarial analysis to public policy decision makers so that policy decisions can be made with informed judgment.
  • For example, the determination of required contribution levels to plans to provide benefits and the setting of appropriate reserve levels to meet future obligations are actuarial in nature.

1984 - AAA - Journal, American Academy of Actuaries

Federal Insurance Office Act

  • Federal Insurance Expertise.  Insurance plays a vital role in the smooth and efficient functioning of our economy, but the credit crisis highlighted the lack of expertise within the federal government regarding the industry, especially during the collapse of American International Group (AIG) and last year’s turmoil in the bond insurance markets.
    • A Federal Insurance Office will provide national policymakers with access to the information and resources needed to respond to crises, mitigate systemic risks, and help ensure a well functioning financial system.
  • International Coordination.  Although America’s insurance markets still operate on a state-by-state basis, today’s markets are global.
    • The Federal Insurance Office will therefore provide a unified voice on insurance matters for the United States in global deliberations.

2009 06 - DOTT - Financial Regulatory Reform, A New Foundation: Rebuilding Financial Supervision and Regulation, Geithner - [PDF-93p-GooglePlay]