The creation of the Federal Insurance Office (FIO) as part of the Dodd-Frank law is a significant breakthrough in one of the country's 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.”
FIO's mandated study on how to modernize and improve the insurance-regulatory system in the United States, which is due to appear soon, is an opportunity to identify solutions to the weaknesses in the current system and to create a better regulatory system that will enhance consumer choice and access.
Until now, federal policy-making in non-health lines of insurance has been piecemeal at best; insurance is the only major industry in our country without a uniform and consistent set of rules that applies across the country.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.