PIAW praises bill to scrap Federal Insurance Office

PIAW praises bill to scrap Federal Insurance Office

Skilled Insurance coverage Brokers of Wisconsin (PIAW) has introduced its assist for the Federal Insurance coverage Workplace Abolishment Act, new laws launched within the Home of Representatives by Rep. Ben Cline (R-Va.), with Rep. Tommy Tiffany (R-Wis.) signing on as an authentic sponsor.

The Federal Insurance coverage Workplace (FIO) was created as a part of the Wall Road Reform and Shopper Safety Act, generally often called Dodd-Frank. PIAW mentioned that most of the FIO’s duties are duplicative of different US authorities workplaces, and that it has frequently sought to broaden its authority. The FIO has known as for federal regulation of mortgage insurance coverage, inclusion in supervisory faculties with state regulators, and uniform nationwide requirements for state warranty associations.

“Wisconsin’s Workplace of the Commissioner of Insurance coverage does a greater job of overseeing the business and defending customers than federal regulators ever may,” mentioned Peter Hanson, PIAW government director. “The FIO represents an ill-conceived energy seize.”

Learn extra: Federal Insurance Office must be scrapped – Texas PIA

The FIO now seeks to manage the Nationwide Affiliation of Registered Brokers and Brokers and management agent licensing – powers that PIAW says are properly outdoors its mandate.

“PIA of Wisconsin is proud to have performed a number one function in getting this laws launched within the US Home,” mentioned Tracy Oestreich, PIAW board member and nationwide director. “On our Advocacy Day, we met with Consultant Tom Tiffany and defined our issues with further layers of regulation and a federal workplace usurping state authority. He shared our issues and mentioned he wished to introduce a invoice to repeal the FIO.”

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