President Obama is expected to sign landmark financial services reform legislation into law this week after the U.S. Senate passed the bill by a 60-39 vote last Thursday.
Insurance JournalÃ‚ and National Underwriter have informative pieces on how the Dodd-Frank financial reform packageÃ‚ affects the insurance industry and surplus lines, including reactions from trade associations.
Over at the D&O Diary, Kevin LaCroix reminds us that while the 2,319-page bill is headed to the PresidentÃ¢â‚¬â„¢s desk, this is not the end, itÃ¢â‚¬â„¢s the beginning.
With some 250 new regulations to be implemented by 11 different federal agencies, the stage is now set for an intense rulemaking process that will be AIAÃ¢â‚¬â„¢s top priority. As was the case during the legislative process, AIAÃ¢â‚¬â„¢s focus will remain on identifying how the nature of insurance is different than that of the banking sector and emphasizing those unique differences with the appropriate rulemaking authorities.Ã¢â‚¬
Something tells us to expect more stories on the impact of financial services reform on the insurance industry in the coming weeks.