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The creation of the Federal Insurance Office (FIO) as part of the Dodd-Frank law is a significant breakthrough in one of the countrys most vital sectors of the economy: Former Congressman Michael Oxley, R-Ohio, accurately referred to the insurance sector as the glue that holds our economy together.

The Financial Services Roundtable wants the Treasury Department to use the Federal Insurance Office to coordinate all federal-agency activities regarding insurance in order to ensure that onerous and duplicative federal intervention in the insurance business does not occur.

The Financial Services Roundtable wants the Treasury Department to use the Federal Insurance Office to coordinate all federal-agency activities regarding insurance in order to ensure that onerous and duplicative federal intervention in the insurance business does not occur.

Consumer advocates are questioning whether the Treasury Department should include an actuary as a member of the proposed Federal Advisory Committee on Insurance, citing a potential conflict of interest, among other concerns.

I’m sure the phones were ringing in the offices of insurance carriers based in Illinois when the announcement came last week that secretary of the treasury Timothy Geithner had selected Michael McRaith to be the first director of the Federal Insurance Office.

Signs are emerging that Michael McRaith, Illinois insurance director, will soon be named the first director of the Federal Insurance Office.

Five U.S. senators are asking the Obama administration to move promptly to fill the insurance slot on the Financial Stability Oversight Council as well as to appoint the director of the Federal Insurance Office.

The House took an important step toward reforming financial services industry regulation last night, passing legislation that would for the first time establish a federal office designed to deal with insurance activities.