A report expected from the Federal Insurance Office later this month, addressing how to modernize and improve insurance regulation, could significantly affect the insurance industry, according to an industry regulatory expert.

A trade group representing insurance agents and financial service professionals submitted its comments on the Federal Insurance Office’s Dodd-Frank study on modernizing and improving insurance regulation.

Two insurance industry trade groups voices satisfaction with the U.s. Senate’s confirmation of former Kentucky insurance commissioner S. Roy Woodall to the Financial Stability Oversight Council because of his insurance expertise.

“Dramatic shifts” in the investment advisor profession are forecast as advisors prepare for the Dodd-Frank Act, a provision of the federal financial service reform to be enacted next year.

The U.S. Treasury Department intends to create a Federal Advisory Committee on Insurance as part of the new Federal Insurance Office created under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Insurance representatives from the U.S. and Europe met in Washington, D.C., for two days earlier this month, as part of the ongoing dialogue concerning challenges with international insurance regulation.

The National Insurance Producer Registry’s (NIPR) online licensing products will help the surplus lines industry in each state to meet new federal financial services reform licensing and renewal regulatory requirements.

The Obama Administration, not Congress, could dramatically affect insurance and its regulation in 2011, according to a panel of industry expert.

The financial services reform legislation approved this month assures that indexed annuities will remain regulated as insurance products, not securities.

The U.S. Securities and Exchange Commission is investigating more cases resulting from the financial crisis, according to its chairwoman, who said the Dodd-Frank financial services reform bill passed this week will help.