U.S. Treasury Releases Plans to Modernize Insurance Regulations
Dec. 16, 2013—The U.S. Department of the Treasury’s Federal Insurance Office (FIO) announced its long-awaited report on how to modernize and improve the system of insurance regulation in the U.S. on Thursday.
The report was mandated as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The report was originally due in January 2012. According to an Automotive Service Association (ASA) press release_notes, Congress wanted the Department of Treasury’s FIO to review federal versus state regulation of insurance.
For more information on insurance regulation, visit ASA’s legislative website.