Podcast Center
Video Center
Webcasts
Resource Center
Events
July 23, 2010 at 08:00 PM
The Dodd-Frank Wall Street Reform and Consumer Protection Act will make an important impact not only on banks but also on insurance companies, a rating agency says.
Standard & Poor’s Ratings Services, New York, says it does not expect the legislation, HR 4173, would have an immediate effect on its credit ratings for U.S. insurance and reinsurance companies.
“Indeed, we believe several aspects of the reform bill could help U.S. insurance/reinsurance companies maintain their competitive positions in the global marketplace,” S&P states in a comment on the legislation.
The establishment of the Federal Insurance Office within the Department of Treasury, as provided under the act, will create a central point for information on the insurance industry, it notes. That office would also represent the U.S. in the International Association of Insurance Supervisors and help negotiate agreements by that group that affect U.S. insurers.
