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4th of February 2012

Federal Insurance Office to go ahead

Gavin Bradshaw 21/07/2010

US President Barack Obama has signed into law the financial reform bill that includes provisions for Federal oversight of the insurance industry.
 
Bill HR 4173, the ‘Restoring American Financial Stability Act of 2010’, which received a Senate majority of 60 to 39 on 15 July, includes provisions (known collectively as the ‘Office of National Insurance Act of 2010’) for a Federal Insurance Office (FIO), to be based in the Treasury.
 
The House of Representatives has already given its approval for the measures after a House and Senate conference committees reached agreement on the language for the FIO earlier in the month.
 
The agreed version includes a requirement for the FIO to consult with state regulators before deciding on reporting requirements for insurance companies.
 
It also gives the FIO authority to determine when state laws conflict with international agreements, but its decisions would be subject to judicial review.

Tags: Barack Obama, Federal Insurance Office, US Treasury

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