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 Federal Insurance Office.
Earlier this week, legislation to eliminate the Federal Insurance Office (FIO) was reintroduced in the U.S. Senate.
S. 524, which the Big “I" supports, was reintroduced by Sen. Ted Cruz (R-Texas) and cosponsored by three other Republicans. No Democrats cosponsored the legislation.
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 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.
