Financial Services Reform: Just the Beginning

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 Journal  and National Underwriter have informative pieces on how the Dodd-Frank financial reform package  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 President’s desk, this is not the end, it’s the beginning.

A statement responding to passage of the bill from the American Insurance Association (AIA) explains why. Leigh Ann Pusey, president and CEO of the AIA, observes:

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 AIA’s top priority. As was the case during the legislative process, AIA’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.†

Something tells us to expect more stories on the impact of financial services reform on the insurance industry in the coming weeks.

The Financial Services Roundtable has a summary of the bill and a rulemaking chart here. Check out I.I.I. information on regulation modernization.

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