When Congress created the Federal Insurance Office (FIO) in the Treasury Department, it placed restrictions designed to prevent "mission creep," in which the office might seek to expand its own mandate.
Congress inserted language stating that "Nothing…shall be construed to establish or provide the office or the Department of the Treasury with general supervisory or regulatory authority over the business of insurance."
That's why it was heartening to hear FIO Director Michael McRaith affirm to Congress that the states are the functional regulators of the business of insurance, the FIO "is not a regulator" and the office must seek information from state regulators or another source before demanding any data from insurance companies.
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