Stroock Special Bulletin
"Update on Significant Insurance Provisions of Dodd-Frank"
On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act") into law. As detailed in our July 7, 2010 Stroock Special Bulletin "Significant Insurance Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act," the Act does not give the federal government a direct role in regulating the insurance industry in the United States, although it contains several provisions that will directly affect insurance regulation in the United States.
This Stroock Special Bulletin briefly highlights two aspects of the Act with significant implications for the insurance industry: (i) provisions intended to promote national uniformity in the surplus lines insurance and reinsurance markets and (ii) the creation of the Federal Insurance Office ("FIO") within the Department of the Treasury to promote national coordination in the insurance industry.