PIA-Backed Bill to Repeal Federal Insurance Office Reintroduced by Rep. Alex Mooney (R-WV)March 26, 2019
WASHINGTON — The National Association of Professional Insurance Agents (PIA National) is pleased by legislation to repeal the Federal Insurance Office (FIO), H.R. 1862, which has been reintroduced in the U.S. House by Rep. Alex Mooney (R-WV).
“The FIO has never been necessary,” said PIA National Vice President of Government Relations Jon Gentile. “Advocates of federal insurance regulation succeeded in getting the FIO established as part of the Wall Street Reform and Consumer Protection Act (Dodd-Frank)—but PIA National has never given up on repealing it.”
“Many of the FIO’s duties are examples of federal overreach in the context of our system of state insurance regulation,” Gentile said. “The FIO has consistently sought new ways to expand its mandate beyond the intent of Congress, which put specific limits on its authority.” PIA National was the first national insurance association to call for the repeal of the FIO.
Over the nearly ten years of its existence, the FIO has called for federal regulation of mortgage insurance; for its inclusion in supervisory colleges with state regulators; and for uniform national standards for state guaranty associations. In addition, it now seeks to administer the National Association of Registered Agents and Brokers (NARAB). Each of these actions is an overreach.
Although PIA has supported other efforts to rein in the FIO, such as the Federal Insurance Office Reform Act of 2018 (H.R. 3861) in the 115th Congress, consumers and those concerned about maintaining the successful state insurance regulatory system would be better served by its repeal.
PIA National worked closely with Rep. Mooney on developing his bill. PIA National will continue this effort by vigorously advocating for Rep. Mooney’s legislation at the upcoming PIA Federal Legislative Summit and throughout the 116th Congress.
Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes, and businesses. PIA members are Local Agents Serving Main Street AmericaSM. PIA’s web address is www.pianet.com.