Federal Insurance Office Issues Recommendations for the Modernization and Improvement of Insurance Regulation
On December 12, 2013, the Federal Insurance Office of the U.S. Department of the Treasury released a report required by Dodd-Frank on the modernization and improvement of insurance regulation. The report recommends two types of improvements for the near term: (1) direct federal involvement in limited areas of insurance regulation, including the licensing of insurance agents and brokers and the regulation of mortgage insurance and (2) greater harmonization of state regulations.