Professional Insurance Agents of Wisconsin (PIAW) has announced its support for the Federal Insurance Office Abolishment Act, a new law approved in the House of Representatives by Rep. Ben Cline, R-Va. And Rep. Tommy Tiffany, R-Wis Register original sponsor.
The Federal Insurance Office (FIO) was created under the Wall Street Reform and Consumer Protection Act, commonly known as Dodd-Frank. PIAW said that many of the FIO’s roles are identical to those of other US government offices and that it has continually sought to expand its authority. The FIO has called for federal regulation of mortgage insurance, admission to supervisory colleges with state regulators, and uniform national standards for state guarantee associations.
“The Wisconsin Insurance Commissioner does a better job of overseeing the industry and protecting consumers than federal regulators ever could,” said Peter Hanson, executive director of PIAW. “The FIO stands for a poorly thought-out takeover.”
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The FIO is now trying to administer the National Association of Registered Agents and Brokers and control the licensing of agents – powers that, according to the PIAW, are well outside its mandate.
“PIA of Wisconsin is proud to have played a leading role in introducing this law to the US House of Representatives,” said Tracy Oestreich, PIAW board member and national director. “On our Advocacy Day, we met with MP Tom Tiffany and discussed our concerns with additional levels of regulation and a federal agency usurping state authority. He shared our concerns and said he wanted to introduce a bill to repeal the FIO. “