This updates a post from July 1, 2010, "Federal Insurance Regulation? What Regulation?"
The U.S. House of Representatives has passed the pending compromise Conference Committee version of the "Dodd-Frank Wall Street Reform and Consumer Protection Act". The compromise Act would, if approved by the U.S. Senate when it reconvenes on and after July 12, 2010, make a new first-of-its-kind "Federal Insurance Office" or "FIO". Arthur D. Postal, "House Establishes Federal Insurance Office" (P&C National Underwriter online, Thursday, July 1, 2010).
The FIO has the reported backing of the Insurance Industry, exemplified by the American Insurance Association, and the National Association of Insurance Commissioners.
It is further reported that under the measure the FIO "will have no regulatory authority, but it will have the power to monitor all activities related to the business of insurance except for health insurance and long term care insurance." Id.
Old sayings apply: Everything is changing, nothing is new, and nobody knows anything yet.
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