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In addition to dramatically changing the policies of former President Trump on the pandemic, the economy, immigration, and other key issues, the Biden Administration is likely to substantially increase the federal government’s oversight of the insurance industry in at least two ways. First, by regulating non-bank companies that own insurers, and, second, through HUD, scrutinizing homeowners insurers for discriminatory underwriting, rating, and claims practices.
A. The Federal Reserve May Again Supervise Non-Bank Companies Which Own Insurers
The federal Financial Stability Oversight Council, under the leadership of Treasury Secretary Yellen, will probably revive the Obama Administration view that large financial firms that own operating insurance companies are fit candidates for designation as “systemically important financial institutions,” whose solvency will ultimately be regulated by the Federal Reserve.