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October 26, 2017

The U.S. Department of the Treasury released a report that examines the current regulatory framework for the asset management and insurance industries and makes recommendations to ensure the regulatory framework is aligned with the Administration's Core Principles for financial regulation. The evaluation of the U.S. Treasury is focused on four key areas: properly evaluating systemic risk, ensuring effective regulation and government processes, rationalizing international engagement, and promoting economic growth and informed choices.

In the report, the U.S. Treasury identified numerous ways to improve the regulatory framework for asset managers and insurance companies and the products and services they offer. It also found areas to improve the efficiency of regulations and government processes and its recommendations include:

  • Amending rules to avoid dual registration requirements for investment companies
  • Increasing consumer choice by allowing annuities as investment options for employer-sponsored retirement plans
  • Supporting legislative action to eliminate the statutory stress testing requirement for investment advisers and investment companies
  • Convening a federal agency-wide task force to focus on policies related to long-term care insurance
  • Reconsidering the Department of Housing and Urban Development's disparate impact rule and its impact on the availability of insurance
  • Coordinating insurance regulations to reduce or eliminate inconsistencies between existing data calls on terrorism risk insurance
  • Improving information sharing within the insurance industry

This is the third report in a series of four expected reports in response to the Executive Order 13772, which was issued by President Trump on February 03 and which calls on the Treasury to identify laws and regulations that are inconsistent with the Core Principles for financial regulation set forth in the Executive Order. The banking and capital markets reports have already been published, with the fourth report slated to be published on nonbank financial institutions, financial technology, and financial innovation.

 

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Keywords: Americas, US, Insurance, Securities, Asset Management, Core Principles, Regulatory Framework, US Treasury

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