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For more than 150 years the state-based system of insurance regulation has worked, successfully protecting consumers and creating a competitive and diverse U.S. insurance market. In fact, a report issued by the Government Accountability Office (GAO) in June 2013 found the state-based system of insurance regulation helped to mitigate the negative effects of the 2007-2009 financial crisis on the insurance industry.

Now, the election of Donald Trump as president and a Republican majority in both houses of Congress will bring about a unique opportunity to re-examine the regulatory framework for insurance.

With Congress poised to significantly roll back key provisions of 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 any financial regulatory reform package. Our longstanding and robust state-based insurance regulatory system does not require this level of federal oversight.

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