U.S. Treasury Department in Washington. Photo: Diego M. Radzinschi/ALM

Two national insurance trade organizations recently doubled down on their support of the Federal Insurance Office Elimination Act, a bill that proposes eliminating the Federal Insurance Office (FIO), an agency within the U.S. Treasury Department, and unseating the FIO director in order to fully place insurance regulatory oversight with the states.

The National Association of Professional Insurance Agents (PIA), the National Association of Mutual Insurance Companies (NAMIC), and the Independent Insurance Agents & Brokers of America (Big “I”) signaled support for H.R. 643 when Rep. Troy Downing (MT-R) introduced the bill in January. It arrived on the heels of a December 2024 letter to Elon Musk and the Department of Government Efficiency from several state insurance commissioners recommending the abolishment of the FIO.

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Elana Ashanti Jefferson

Elana Ashanti Jefferson is ALM PropertyCasualty360's Editor in Chief. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].