U.S. House Committee Looks into Insurance Regulation
Feb. 7, 2014—Members of Congress recently held a hearing to examine the findings of a report on insurance regulation.
The U.S. House of Representatives Committee on Financial Services’ Subcommittee on Housing and Insurance met to address the recently released report, “The Federal Insurance Office’s Report on Modernizing Insurance Regulation,” according to a Thursday announcement.
The report was released in December. The U.S. Department of Treasury’s Federal Insurance Office (FIO) was established as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The FIO has proposed federal reforms for the insurance industry, but according to a press release, this has sparked resistance from some state insurance regulators and the insurance industry. Also called into question at the hearing were policy actions by the trade association representing state insurance regulators as far as transparency in the development of regulatory policy recommendations for states.
To view the hearing on the FIO report and additional legislative information, visit ASA’s legislative website.