The Federal Insurance Office (FIO) delivered the past due report, "How to Modernize and Improve the System of Insurance Regulation in the United States," on Dec. 12, 2013.
The 71-page report was mandated under Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which also created the FIO in the Department of the Treasury. The report looks at all segments of the industry except health insurance and offers recommendations to modify the present state-based regulatory structure, and suggestions for federal involvement.
NCSL previously provided comments to the director of the FIO championing state-based regulation of insurance and cautioning federal involvement. Specifically, NCSL voiced opposition to any action by the FIO or Congress that promotes the wholesale preemption of state authority, compels state compliance with federal standards or those of any nongovernmental third party, and restricts or redirects state insurance revenues.
NCSL staff contacts: James Ward, Helen Narvasa