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The election of Donald Trump as president and a Republican majority in both houses of Congress will bring about a unique opportunity to re-examine the regulatory framework for insurance.

PIA is asking Congress to get rid of the Federal Insurance Office and the regulations the agency has issued.

PIA is asking Congress to get rid of the Federal Insurance Office and the regulations the agency has issued.

The Federal Insurance Office says it will release its long-awaited report on recommendations for modernizing and improving insurance regulation before July.

The Federal Insurance Office says it will release its long-awaited report on recommendations for modernizing and improving insurance regulation before July.

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.

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.

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.