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 necessary.

The report, released long after it was due to Congress in late January 2012, states that "the basic question with respect to reforming any aspect of insurance should be whether federal involvement is in fact warranted at this time—and if so, in what areas.

"The necessity for federal involvement should depend on assessment of questions such as whether states can take measures to regulate effectively and with uniformity the degree of the national or federal interest, and the nexus of the issues and the firms with the global marketplace."

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