Almost two years overdue, the Federal Insurance Office (FIO) finally issued on Dec. 12 the report that it was required to produce under the Dodd-Frank Act on how to modernize and improve the system of insurance regulation in the United States.
From the outset, the National Association of Professional Insurance Agents (PIA) opposed FIO being the entity that would be tasked with making recommendations on insurance regulatory modernization to Congress. We believe that FIO has a bias in favor of federal insurance regulation. This report, both in what it includes and what it ignores, supports our view that many of our initial concerns were well placed.
Under the law, FIO has not been granted any authority. Rather, in its enabling statute, FIO has a series of responsibilities that are all advisory in nature.
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