The President emphasized that timely implementation of
FIO's findings by concerned agencies was of utmost importance for satisfaction of complainants.
The
FIO said that the grant of tax exemption from capital gains tax without obtaining a request for a BIR ruling for the exemption showed that the respondents acted with manifest partiality and evident bad faith, therefore causing undue injury to the government.
He also expressed his satisfaction over the decisions regarding the insurance policy taken during the last year and confidence of the concerned parties.The president also directed the
FIO to establish constant contacts with the government organisations, ombudsmen, investigators and non-governmental organisations regarding the awareness campaigns.
But additional domestic mandates that were not included in initial
FIO proposals were subsequently layered on that can undermine, conflict with, or duplicate core activities of state insurance regulators.
The federal
FIO Act is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Related:
FIO still trying to advance federal agenda
The President upheld the judgment and rejected the appeal against the orders of
FIO. On positive side, there was a significant increase in the number of complaints.
Officers are required to complete
FIO reports for both in-person encounters and non-contact observations.
Also under Title I,
FIO coordinates with the Federal Reserve in the development of stress tests, and stress test rules, for insurers designated by the Council.
The letter argues that
FIO doesn't have authority to oversee the "business of insurance" of U.S.
I have been back to
Fio after the review visit and that is a positive sign.
A GAO study on the benefits of state insurance regulation is important because it serves as an objective counter-balance to an upcoming report that will likely not be objective: a study of insurance regulatory modernization by the Federal Insurance Office (
FIO).
