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FIO Releases Insurance Modernization Report

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The Federal Insurance Office has released its long awaited report on ways to modernize United States insurance regulation has finally been released. The report, originally due January 21, 2012, was mandated as a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

In the report, the FIO calls for a “hybrid approach to insurance regulation that provides a practical, fact-based roadmap to modernize and improve the U.S. system of insurance regulation,” said Michael McRaith, Director of the Federal Insurance Office. “Importantly, this report reflects the dynamic nature of the regulatory system for insurers and provides an explicit path for state and federal regulatory entities to calibrate involvement going forward.”

“Today’s report details strengths and weaknesses of the current insurance regulatory system, considerations for determining where and how to modernize and improve that system, and a way forward to increase the effectiveness of insurance oversight in the United States, said Under Secretary for Domestic Finance Mary Miller. “This is a significant step in understanding and strengthening the current system to better protect American consumers.”

The FIO considered several factors in putting together the report including: systemic risk regulation with respect to insurance, capital standards, consolidated supervision, consumer protection and affordability, the degree of uniformity of state insurance regulation, and international coordination. A look at the costs and benefits of federal regulation over a variety of insurance lines was also required by Dodd-Frank, in addition to issues pertaining to competitiveness. All lines of insurance, excluding health, were examined.

A full copy of the report can be found here.

Executives Explore Strategic Risk

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Quickly made business decisions and innovations in technology—such as big data and social media—can throw a curve to a company’s strategic risk management, according to a survey by Deloitte. As a result, risk managers need to be prepared to act quickly to avoid disruptions that can follow.

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The study, Exploring Strategic Risk: 300 Executives around the World Say Their View of Strategic Risk is Changing, found that 81% of companies surveyed manage strategic risk explicitly, focusing on major risks that could impact the long-term performance of their organization.

Strategic risk management is also more of a board level priority, with 67% saying the CEO and board have oversight in managing strategic risk. They also say reputation risk is now their biggest risk concern.

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Much of this concern is due to the instantaneous aspects of social media globally, which can impact a company’s perception in the marketplace.

While reputation was already the top risk identified by financial services three years ago, and still is today, the energy sector didn’t see reputation as a top-five risk. Today, however, they see it as their number-one risk.

Respondents said they expect human capital and innovation to be the top strategic assets for companies to invest in three years from now, according to the study.

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Illustrations: Deloitte

TRIA Is Not a Government Bailout

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The following is an excerpt from the RIMS executive report “Terrorism Risk Insurance Act: The Commercial Consumer’s Perspective.” The report is available for download here.

Much of the skepticism surrounding the need for the Terrorism Risk Insurance Act (TRIA) stems from nega­tive perceptions of the government bailouts handed out to various finan­cial institutions in 2008-2009 and the view that TRIA is a similar bailout for the insurance companies; TRIA, however, differs significantly in that the government’s role in TRIA is to act as a reinsurer, and not as a major creditor as was the case with the financial institution bailouts.

Reinsurance is a risk management tool that allows the primary insurer to shift certain risks to the reinsurer to reduce volatility, allow coverage of large risks and to free up capacity for the insurer. With TRIA the govern­ment is essentially acting as reinsurer. The government assumes some of the market terrorism risk and agrees to pay a portion of the losses over the $100 million threshold discussed earlier. The ability of the private market to shift some of the risks to the government in the event of a loss frees up capacity for the insurers, which is then made available to the consumer. Without the government acting in a reinsurance capacity, the private market would be forced to assume the entire risk, which would likely lead to little or no capacity at higher prices, particular in high risk areas.

It is important to note that the program only costs the government money in the event that the $100 million + 20% deductible threshold is reached. If losses remain below this level in any given year, then the private market is responsible for the entirety of those losses. Since TRIA’s enactment in 2002 the government has not made any expenditures outside of minimal administrative costs associated with setting up the program.

If the $100 million + 20% deductible threshold is reached, and the gov­ernment begins to pay its share of losses, there is a mechanism in place for the government to recoup those expenditures. In the years follow­ing the federal sharing of losses, but prior to September 30, 2017, the Secretary of the Treasury is required to institute a surcharge on insur­ers to recoup 133% of the claims paid by the government. This man­datory recoupment does not apply if the insurance industry’s aggregate uncompensated losses exceed $27.5 billion; however, the Treasury Secre­tary does retain the authority to apply a surcharge at his/her discretion.

Train Disaster Calls for Safety Action

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Photo: eddtoro/Shutterstock.com

At 7:20 a.m., Dec. 1, four people died and more than 68 were injured, 11 critically, when a speeding passenger train headed for Grand Central Terminal derailed on a steep curve.

Brake failure was cited as a possible reason for the crash, but inspections determined that the brakes were in good condition. The train’s operator, who recently had been switched to an early shift, later said he may have dozed off, failing to apply the brakes in time to avoid the crash.

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The derailment is of special interest to me. The Hudson line is the one I take to work every day and is the same line that suspended service in July when 10 CSX garbage cars derailed near the same location, just north of the Spuyten Duyvil train station.

This week the Federal Railroad Administration cited the MTA’s safety record as “unacceptable.” The agency noted a series of other recent major accidents on the commuter railway: a two-train derailment May 17 in Bridgeport, Conn., where more than 70 people were injured, the death of a track worker in West Haven, Conn., who was struck by a commuter train, and the CSX train derailment, according to DNAinfo New York.

The Associated Press said that injuries from train accidents on Metro-North are higher this year than any of the past 10 years, with 123 people injured in train accidents through August. A 2012 report by the Government Accountability Office found human error to be the cause of almost one-third of train accidents from 2000 to 2009.

The question being asked is why a safety measure—an automated system that would stop a train that is out of control—was not in place, even though “positive train control” has been called for by the national safety board. In response to several fatal accidents and to combat human error, The Rail Safety Improvement Act of 2008 mandates that positive train control for passenger and freight trains be operational by Jan. 1, 2015. Because of the costs to install the technology, estimated between $6 billion and $22 billion, however, Congress is considering an extension of the deadline until late 2018.

The GAO report described positive train control as a system designed to prevent accidents caused by human factors, including train-to-train collisions and derailments that result from trains exceeding safe speeds. It is also designed to prevent incursions into work zones and movement of trains through switches left in the wrong position.

While its safety record leaves much to be desired, the MTA was fast to resurrect its contingency plans. On Monday, thousands of commuters were transported by bus from the Yonkers train station to a Manhattan-bound subway. I made the trip, which was seamless but understandably slow-going. It took me two-and-a-half hours to get to work.

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A standout were the first responders. They were fast to arrive on the scene, rescuing people from damaged cars and getting them to area hospitals. Responders and spokespeople were articulate, and did not speculate as to the cause of the crash. They were impressive.

As of yesterday service on the Hudson Line is fully restored.

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This is an amazing feat considering that the train cars had to be removed by cranes from a tight section of track flanked by the Hudson River and a steep rock embankment, all during an intense investigation. Sections of damaged track also had to be rebuilt.

Yesterday’s train ride was thankfully uneventful and today’s even more so, but there was a sad reminder of the disaster on both days, when the train came to a crawl as it approached the deadly curve at Spuyten Duyvil. Another reminder was several pieces of heavy equipment used for cleanup, still sitting near the tracks.