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The Shoe That Has Yet to Drop – The FIO Report

The sound of silence you are hearing is the lack of the new Federal Insurance Office’s (FIO) study on regulatory modernization
April 10, 2012

The sound of silence you are hearing is the lack of the new Federal Insurance Office’s (FIO) study on regulatory modernization. The report is now long overdue. According to congressional statute, it was due in January. FIO Director Michael McRaith has been revising when the report will be released. At the end of March he told an industry group it would be out in a few weeks.

This is the report that PIA opposed having the FIO do from the outset, because the specifics Congress set out seem biased toward recommendations for a greater federal role in the regulation of insurance. We also suspect the FIO will use the study to raise the prospect of the FIO being granted more authority. We oppose both ideas. PIA met with McRaith at his request to provide our input to the study, and also filed extensive written testimony in which we affirmed our support of state regulation of insurance. We also urged FIO not to use the study to attempt to acquire more power for itself.

PIA will comment on the FIO report when it is released.

Read PIA's comments submitted to the FIO: PIA Comments to FIO (filed 12/19/11)
Read more on PIA's meeting with FIO: PIA National Meets With FIO Director McRaith (12/6/11)