Washington, D.C. – December 13, 2013 – The Insured Retirement Institute (IRI) today released the following statement from IRI President and CEO Cathy Weatherford after the Treasury’s Federal Insurance Office (FIO) issued its report on modernizing and improving insurance regulation in the United States.
“The FIO recognizes the need to increase uniformity of insurance oversight to benefit both market participants and consumers. Based on our initial read of the report, we support the recommended reforms that will lead to more efficient and effective regulation, ultimately removing the costs to insurance providers and Americans who rely on these products. IRI has long advocated for measures to increase uniformity, such as the creation of a national insurance licensing clearinghouse and market conduct examination reforms – specifically the ‘lead state’ concept and coordination among the states. We are encouraged by their inclusion in this report. But beyond anything else, we commend the Treasury for its continued recognition of the importance of lifetime income products in providing financial security to retired Americans. Beginning in 2010 with the recommendation of President Obama’s Middle Class Task Force to promote annuities, to more recent rulemaking steps taken at the Treasury Department, there has been an ongoing support for guaranteed lifetime income options. This report underscores the urgency of providing financial security to an aging population and advances this agenda. We look forward to continuing to work with the FIO as well as state insurance regulators as they modernize and improve insurance oversight in the United States and strengthen retirement security for all Americans.”