FIO Won’t Be A Regulator, Chief Tells Lawmakers

Law360, New York (October 25, 2011, 8:00 PM EDT) -- The head of the new Federal Insurance Office told a U.S. House of Representatives subpanel Tuesday that the new office created by the financial industry reform law will not regulate the insurance industry but will identify gaps in state-based insurance regulation.

The Dodd-Frank Wall Street Reform and Consumer Protection Act created the FIO in July 2010 to advise the U.S. Department of the Treasury on insurance matters, collaborate with state regulators and monitor the insurance industry.

“FIO is not a regulator. That remains the province of...
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