Almost two years overdue, the Federal Insurance Office (FIO)finally issued on Dec. 12 the report that it was required toproduce under the Dodd-Frank Act on how to modernize and improvethe system of insurance regulation in the United States.
From the outset, the National Association of ProfessionalInsurance Agents (PIA) opposed FIO being the entity that would betasked with making recommendations on insurance regulatorymodernization to Congress. We believe that FIO has a bias in favorof federal insurance regulation. This report, both in what itincludes and what it ignores, supports our view that many of ourinitial concerns were well placed.
Under the law, FIO has not been granted any authority. Rather,in its enabling statute, FIO has a series of responsibilities thatare all advisory in nature.
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