PIA Top Priority, Repeal of Federal Insurance Office, Introduced in Senate
WASHINGTON, March 3, 2021
WASHINGTON, March 3, 2021 /PRNewswire/ -- The National Association of Professional Insurance Agents (PIA) is pleased by the reintroduction of S. 524, the "Federal Insurance Office Abolishment Act". Previously introduced in the 116th Congress, the bill was reintroduced by Sen. Ted Cruz (R-TX).
"In 2010, advocates of federal insurance regulation succeeded in getting the Federal Insurance Office (FIO) established as part of the 2010 Dodd-Frank law–but PIA has never given up on repealing it," said PIA National President Wayne White.
"Many of the FIO's duties are examples of federal overreach in the context of our system of state insurance regulation," White said. "In addition, the FIO has consistently sought new ways to expand its mandate beyond the intent of Congress, which put specific limits on its authority."
In 2016, PIA was the first national insurance association to call for the repeal of the FIO. Throughout the last decade, the FIO has called for federal regulation of mortgage insurance; for its inclusion in supervisory colleges with state regulators; and for uniform national standards for state guaranty associations. In addition, it seeks to administer the National Association of Registered Agents and Brokers (NARAB). Each of these actions is an overreach.
"As long as the office continues to exist, it will remain a very real threat to the successful state-based system of insurance regulation. To do nothing and allow this office to accrue more power over time is tantamount to endorsing an increased federal role in the regulation of insurance. PIA draws a line in the sand on this issue and will not back down from this effort," said White.
PIA will continue to build a base of support among lawmakers for repeal of the FIO.
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's web address is www.pianet.com.
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SOURCE National Association of Professional Insurance Agents