Multiple state insurance commissioners are calling for the elimination of the Federal Insurance Office (FIO).
New Hampshire recently joined Alabama, Arkansas, Kansas, Louisiana, North Carolina, Oklahoma, Tennessee and West Virginia. The insurance industry is largely regulated at the state level, not the federal level. The FIO was created with the Dodd-Frank Act in 2010 and serves little purpose. It’s also argued that it duplicates functions done by the National Association of Insurance Commissioners (NAIC). Professional Insurance Agents of CT has also called for an end to the office since it’s inception.
