The much-awaited Federal Insurance Office (FIO) report on reforming and modernizing state insurance regulation, mandated by Dodd-Frank, likely will not be unveiled until the end of this month or early March.

However, sources are already suggesting that one component of the report will be the resurrection of a proposal first put forward in 2004: the SMART Act, or State Modernization and Regulatory Transparency Act.

The SMART Act would have, in theory, created a state-national partnership on insurance oversight. Among other intentions, the bill was meant to reform agent-licensing rules and set uniform market-conduct standards and speed-to-market initiatives. It also would have imposed commercial- and personal-lines rate and form modifications.

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