As financial services reform was crafted, the insurance lobbied successfully to have the purview of the nascent Federal Insurance Office (FIO) narrowly defined.
Now, the National Association of Professional Insurance Agents (PIA) is charging that the office is overstepping its stated mandate as an information resource for policymakers and to coordinate international insurance agreements and is instead looking to become a de facto regulator of insurance. Specifically, PIA is calling on the new 112th Congress to pass legislation to defund a study of insurance regulation currently slated to be conducted by the FIO and to repeal the mandate granted to the FIO to make recommendations to Congress regarding insurance regulation based upon that study.
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