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McRaith Tells Congress Much-Delayed FIO Report Still Not Ready

Federal Insurance Office (FIO) Director Michael McRaith recently told Congress that the much-delayed report on the state of the U.S. insurance market is still not ready
May 22, 2012

Federal Insurance Office (FIO) Director Michael McRaith recently told Congress that the much-delayed report on the state of the U.S. insurance market is still not ready. The FIO was charged with submitting the report to Congress by late January, but it has not yet been released and McRaith did not give lawmakers a specific date for when it will be released.

“I recognize the high level of interest in this report and appreciate the patience and understanding of this committee,” he said. “Once released, we trust you will find the report to be of appropriate depth and quality.”

What It Means to Agents: This is the report that Congress required of FIO as part of the Dodd-Frank bill. FIO was required to study the state of insurance regulation and make recommendations for reforms to Congress. The details of the study as defined by lawmakers contained a definite bias in favor of federal regulation of insurance and against state regulation.

PIA, in meetings with McRaith and testimony to the FIO, has called for a balanced study. We have also advised FIO against attempting to increase its authority by recommending greater federal regulation of insurance. PIA is prepared to actively refute any FIO recommendation that undermines state insurance regulation.