The long-delayed U.S. Treasury's Federal Insurance Office (FIO) modernization report concludes that the debate at present is not whether insurance regulation should be state-based or federal, but whether there are areas in which federal involvement in regulation under the state-based system is warranted. 

The report was issued today but was due to Congress in late January 2012.

Treasury officials have a keen interest in the consumer's access to insurance and in the financial stability of the marketplaces with insurance as a key lynchpin. Recent evidence of this includes recommendations for oversight of private mortgage insurance and mortgage insurance pools markets, as well as in personal lines like auto with respect to the practice of risk-profiling groups and individuals based on personal information. Treasury also makes no bones about its commitment to being a guiding hand in international insurance regulatory areas.

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Elizabeth Festa

Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.