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FIO: Congress Should Consider National Standards for States

In a new report, the Federal Insurance Office said Congress should consider prescribing a uniform national standard regarding state guaranty association coverage limits. It also said it might be necessary for Congress to consider whether sex and gender are appropriate rating factors for insurers to use in underwriting....
November 29, 2016

In a new report, the Federal Insurance Office (FIO) said Congress should consider prescribing a uniform national standard regarding state guaranty association coverage limits. It also said it might be necessary for Congress to consider whether sex and gender are appropriate rating factors for insurers to use in underwriting.

“These are issues with interstate implications, especially given an increasingly mobile society and, therefore, are of national interest,” the FIO report said. “For these reasons, if coverage limits are not standardized nationally by the states, then Congress should consider prescribing nationally uniform standards.” It also said “federal legislation may be necessary to address the issue of sex- or gender-based discrimination in the insurance industry.”

Dave Snyder, vice president at the Property Casualty Insurers Association of America (PCI), called the report outdated and lacking any merit. “The whole report is political propaganda and does not merit serious attention from state regulators,” Snyder told Best’s News Service adding, the FIO is making “an unsupported call for federal interference into well-functioning state regulation.”

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