For more than 150 years the state-based system of insuranceregulation has worked, successfully protecting consumers andcreating a competitive and diverse U.S. insurance market.

In fact, a report issued by the Government Accountability Office (GAO) in June2013 found the state-based system of insurance regulation helped tomitigate the negative effects of the 2007-2009 financial crisis onthe insurance industry.

Now, the election of Donald Trump as president and a Republicanmajority in both houses of Congress will bring about a uniqueopportunity to re-examine the regulatory framework forinsurance.

PIA opposed creation of the FIO from outset

With Congress poised to significantly roll back key provisionsof the Dodd-Frank Wall Street Reform and Consumer Protection Act,the time is right to include a full repeal of the Federal Insurance Office (FIO) as part of anyfinancial regulatory reform package. Our longstanding and robuststate-based insurance regulatory system does not require this levelof federal oversight.

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