The Treasury Department’s Federal Insurance Office (FIO) today issued a formal notice and request for comment for its study/report, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, on how to modernize and improve the country’s insurance regulatory system. Published in the Federal Register today, the request for comments seeks feedback from policyholders, experts, consumer groups, state insurance regulators, insurance industry representatives and all other interested parties.
Since the study must be submitted to Congress not later than 18 months after the date of the Dodd-Frank Act’s enactment, the FIO issued a deadline of Dec. 16 for responses and instructions on what responses should include: (1) The data or rationale, including examples, supporting any opinions or conclusions; (2) approaches and options toward improvement or modernization, if any; and, (3) any specific legislative, administrative or regulatory proposals for carrying out such approaches or options.
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