WASHINGTON – The National Association of Professional Insurance Agents (PIA) recently announced it is calling for the repeal of the Federal Insurance Office (FIO).
The election of Donald Trump as president and a Republican majority in both houses of Congress will bring about a unique opportunity to reexamine the regulatory framework for insurance, notes the P&C agents’ association. PIA is calling on policymakers to fully repeal the Federal Insurance Office (FIO) as part of any financial regulatory reform package.
“With Congress poised to significantly roll back key provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, we ask that they repeal the FIO,” said PIA National Vice President of Government Relations Jon Gentile. “A June 2013 report issued by the Government Accountability Office found that the state-based system of insurance regulation helped to mitigate the negative effects of the financial crisis on our industry. This report highlights the unnecessary bureaucracy that the FIO represents. Our longstanding and robust state-based insurance regulatory regime does not require this level of federal oversight.”
“If the goal is to eliminate unnecessary federal regulation, getting rid of the FIO makes good sense,” Gentile said. “Doing so would reaffirm that regulation of insurance should continue to be the responsibility of the states. PIA will also remain vigilant in its efforts to ensure that no new paths to the federal regulation of insurance are created as part of any Dodd-Frank rollback.”
With control of both houses of Congress and the White House, Republicans are likely to concentrate on the broad goals of reducing regulations, cutting taxes, and generally pursuing business-friendly policies that promote economic growth, the association said in a release announcing its support of a FIO repeal. The PIA said it looks forward to working with President-elect Trump and the 115th Congress to achieve these goals.
About PIA: Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America. For more information visit www.pianet.com.
