Washington D.C. - Tuesday, March 17, 2015

Complex Challenges of International and U.S. Regimes: Who's in Charge Here?

Feds Seek Unified Approach with Insurers to Cyber Threats

April 9, 2015

Insurance Journal - Mark Hollmer

The federal government has the backs of insurers and their clients as they seek to protect themselves from, and adapt to, the fast-evolving threat of cyber attacks, Federal Insurance Office Director Michael McRaith assured an industry crowd last month.

"We want to support the insurance industry as it seeks to protect itself from cyber incidents," McRaith said during the Networks Financial Institute 11th Annual Public Policy Summit in Washington, D.C. "Cyber protection should be as strong as it is for any other financial institution."

This article also appeared in Claims Journal of April 9, 2015, with the title "Feds Support Insurers Seeking Protection From Cyber Attacks"

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Industry and Government Leaders Discuss Hot Topics at Insurance Public Policy Summit

March 24, 2015

Summit Summary by Faegre Baker Daniels - Charles T. Richardson & Daniel F. Lightfoot

Faegre Baker Daniels and FaegreBD Consulting were pleased to partner again with Networks Financial Institute (NFI) and the Scott College of Business at Indiana State University in presenting the 11th Annual Insurance Public Policy Summit in Washington, D.C. on March 17, 2015. This year's Summit focused on the impact that domestic and international insurance regulations have on the industry in the United States and around the world.

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US Federal Insurance Experts Reaffirm Support for Global Capital Standards

March 24, 2015

Willis Review

Leading federal insurance experts in the United States have reiterated their support for international capital standards (ICS) for globally active insurers despite industry concerns that international regulators are moving too quickly with the plans.

Best’s News Service quoted Federal Insurance Office Director Michael McRaith and Federal Reserve Board senior insurance advisor Tom Sullivan as saying international capital standards were needed to stave off regulatory arbitrage and ensure insurers are competing on a global playing field. "The first objective is to complete some version of the ICS by 2016," said Mr. McRaith during the Financial Institute’s annual Insurance Public Policy Summit.

A.M. Best Doubts Quick Timeline for International Capital Standards

March 23, 2015

Carrier Management

A. M. Best has expressed some doubt that a tight timeline to finalize and launch insurance industry international capital standards can actually be met. That’s due, in part, to a "scarcity of common ground."

The International Association of Insurance Supervisors, a Swiss-based group of regulators from nearly 140 countries, plans to finalize international minimum capital standards by December 2016. IAIS officials also hope to win membership adoption of those standards by the end of 2018. But A.M. Best sees those deadlines as questionable.

Speaking at an event in Washington D.C. on March 17, Federal Insurance Office Director Michael McRaith said that insurers could see some version of an international capital standard by 2016. He added, however, that the change would be incremental rather than industry changing.

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Director McRaith Outlines FIO’s Cybersecurity Objectives

March 23, 2015

Sutherland Asbill & Brennan LLP

On March 17, Federal Insurance Office (FIO) Director Michael McRaith outlined FIO’s main cybersecurity objectives for the insurance industry at Networks Financial Institute’s 11th Annual Insurance Public Policy Summit in Washington, D.C. Speaking to an audience that included insurance industry professionals and lobbyists, McRaith detailed the objectives as follows:

Support the Insurance Industry’s Self-Protection from Cyber Incidents.
Support Continued Development of Cyber-Related Insurance Products.
Establish International Standards.

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McRaith Says Initial International Capital Standard To Be Released by 2016

March 23, 2015

A.M. Best

Two of the federal government's top insurance experts reiterated their support for an international capital standard for globally active insurers, despite concern from industry representatives that international regulators are moving too quickly to impose such a standard, according to this week's issue of BestWeek.

Speaking during the Networks Financial Institute's annual Insurance Public Policy Summit, Federal Insurance Office Director Michael McRaith and Tom Sullivan, the Federal Reserve Board's senior adviser on insurance, said an international capital standard is necessary to stave off regulatory arbitrage and to ensure insurers across the globe are competing on a level playing field.

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Global Capital Standards Will be Slow in Coming: FIO’s McRaith

March 22, 2015

Carrier Management - Mark Hollmer

Insurers could see some version of an international capital standard by 2016, Federal Insurance Office Director Michael McRaith told a recent gathering of industry professionals in Washington, D.C.

"The first objective of 2016 is to complete some … primitive version of the international capital standard, [but the] expectation is that it will not be a final magical formula," McRaith said during the Networks Financial Institute 11th Annual Insurance Public Policy Summit on March 17. "We will move one step forward to the ultimate goal."

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McCarty Addresses Insurance Summit

March 18, 2015

National Association of Insurance Commissioners (NAIC)

Kevin M. McCarty, NAIC Past-President and Florida Insurance Commissioner highlighted several NAIC priorities at the Networks Financial Institute’s 11th Annual Insurance Public Policy Summit. McCarty’s remarks included updates on key domestic and international issues facing state insurance regulators.

<< NAIC web site >>

FIO’s McRaith: Feds Have the Backs of Insurers For Cyber Attack Threats

March 18, 2015

Carrier Management - Mark Hollmer

The federal government has the backs of insurers and their clients as they seek to protect themselves from, and adapt to, the fast-evolving threat of cyber attacks, Federal Insurance Office Director Michael McRaith assured an industry crowd on March 17.

"We want to support the insurance industry as it seeks to protect itself from cyber incidents," McRaith said during the Networks Financial Institute 11th Annual Public Policy Summit in Washington, D.C. "Cyber protection should be as strong as it is for any other financial institution."

<< Read More >>

AIAs Twitter Feed

March 17, 2015

AIAs Leigh Ann Pusey speaking about int'l & domestic insurance regulation at the Insurance Public Policy Summit.

<< AIA Twitter Feed >>

Regulatory Challenges for Financial Markets to be Discussed at Insurance Public Policy Summit

March 4, 2015

Leading experts in Congressional, state, federal and insurance industry thinking will provide insight into the hurdles facing U.S. and international markets at the 2015 Networks Financial Institute's Insurance Public Policy Summit in Washington, D.C.

The 11th annual summit will be held March 17 at the Ronald Reagan Building and International Trade Center. The theme for the summit, which is organized by Indiana State University's Networks Financial Institute with support from Faegre Baker Daniels, will be "Complex Challenges of International and U.S. Policy Regimes: Who's in Charge Here?"

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New Speakers Announced for the 2015 Insurance Summit

February 25, 2015

The speakers at the 11th Annual Insurance Public Policy Summit to be held in Washington, D.C. on March 17, include: Senator Joe Donnelly (D-IN), Congressman Blaine Luetkemeyer (R-MO), Governor Dirk Kempthorne, Commissioner Kevin McCarty (FL), Michael T. McRaith, and Thomas R. Sullivan among other industry experts.

This is a free and widely attended event organized by Networks Financial Institute

Networks Financial Institute's 11th Annual Insurance Public Policy Summit is generously supported by