The Senate’s affirmation of financial services reform has many implications for insurers, but none as weighty as the creation of federal insurance regulator.
Section 313 of H.R. 4173, the Restoring American Financial Stability Act of 2010, mandates creation of a Federal Insurance Office housed within the Department of the Treasury. The primary function of the office (also known as the Office of National Insurance or “ONI”) is to “identify issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system.”
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