Senior Communications Manager
Laura Foggan Discusses Dodd-Frank Five Years After Its Passage
Laura A. Foggan, chair of Wiley Rein’s Insurance Appellate Group, was quoted in an article published yesterday in Business Insurance about the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on property and casualty insurers five years after its passage.
The article notes that the Dodd-Frank law established the Federal Insurance Office (FIO) and created a classification for financial institutions—systemically important financial institutions. Thus far, three insurers have received the designation, including MetLife Inc. which is challenging the classification.
Commentators noted that many questions about the implementation of the Dodd-Frank law remain unanswered. Ms. Foggan said that significant questions remain “about what kind of regulatory authority is going to be exercised and how it will be exercised by the federal government.” This has spawned legislative attempts to address open issues. For example, Ms. Foggan noted that legislation to deal with how capital standards should be applied to insurers and what information should be shared with the FIO has been introduced.