Law360 Quotes Matt Gaul on 2013 Insurance Law OutlookJanuary 3, 2013
Steptoe litigation partner Matt Gaul, based in the firm’s New York office, was quoted throughout a Law360 article titled “Insurance Regulation and Legislation To Watch in 2013.” The article, published on January 1, discusses key regulatory and legislative issues that insurance lawyers will be following in the new year.
Mr. Gaul comments on several topics including the implementation of the Dodd-Frank Act (“the Act”), the regulatory aftermath of Hurricane Sandy, tightening regulations on force-placed insurance, the Federal Insurance Office (FIO) and the changes ahead for life insurers’ reserves.
With regard to the FIO, Mr. Gaul tells Law360: "I don't think the report is going to include any major bombshells just given that it has to be vetted by pretty much everyone in the federal government before it is released. My suspicion is that with FIO as with many things, actions are ultimately going to speak louder than words. The report is really just words." The FIO, established by the Act, is expected to deliver to Congress its report on modernizing insurance regulation in the US, which was due in January 2012.
Mr. Gaul adds that the FIO will largely focus on the international front and from time to time pinpoint specific domestic insurance issues on which the federal and state governments can work together.
The full article can be read at Law360.