FIO Report - Confirmation of the Hybrid Model
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The Treasury's Federal Insurance Office released its report on federal insurance regulation (http://www.treasury.gov/press-center/press-releases/Pages/jl2245.aspx). As predicted in the Celent Boardroom Series Report issued on August 10, 2009, the report calls for a "hybrid model" of regulation, or as Celent described it, a coordinated effort between the states and the federal government. (Celent subscribers can access the report here: http://www.celent.com/reports/boardroom-series-us-federal-regulation-insurance-are-we-ready). Over the next few days, insurers, interest groups, legislators and industry analysts (including Celent) will be examining the report to determine short, medium and long term impacts on companies. At this point, we have seen nothing to invalidate our other previous prediction - that greater federal involvement will require greater (and new) reporting requirements to which insurers will have to respond. Organizations wishing to get a jump on future compliance will invest in data management processes and tools.