Supported by the Big “I," the legislation would eliminate the Federal Insurance Office, an information-gathering body within the U.S. Treasury Department.
Reps. Ben Cline (R-Virginia) and Tom Tiffany (R-Wisconsin) recently introduced H.R. 4866 in the U.S. House of Representatives. The legislation, which the Big “I" supports, would eliminate the Federal Insurance Office (FIO).
Earlier this year, Sen. Ted Cruz (R-Texas) and three other Republicans introduced S. 524 in the U.S. Senate. The legislation, which the Big “I" also supports, would eliminate the FIO as well. No Democrats have cosponsored the legislation in either the House or the Senate. With Democrats controlling both chambers, the legislation faces an uphill climb to become law this Congress.
The FIO, which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, serves as an information-gathering body housed within the U.S. Treasury Department. The FIO has several roles, including supporting international insurance agreements, administering the Terrorism Risk Insurance Program, and conducting reports and studies on the insurance market.
Over the years, the Big “I" believes that the FIO has proven to provide questionable value for insurance markets, as well as consumers. As one of the leading supporters of a modernized state-based system of insurance regulation, the Big “I" continues to support eliminating or significantly restricting the authority of the FIO.
Wyatt Stewart is Big “I" assistant vice president of federal government affairs.
