On April 17, the House Financial Services Committee passed the Insurance Data Protection Act, which was introduced by Rep. Scott Fitzgerald (R-WI) with PIA’s strong support, by a vote of 28-22. This legislation will meaningfully reform the Federal Insurance Office (FIO), an unnecessary federal bureaucracy created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The …
Continue reading FIO Reform Bill Passes House Committee with PIA’s Full Support
In a win for PIA, consumers, and supporters of the state insurance regulatory system, the Federal Insurance Office (FIO) announced that it was abandoning its unprecedented effort to collect data on climate-related risks from property and casualty insurance carriers on behalf of the federal government. Instead, the National Association of Insurance Commissioners (NAIC) will now …
Last month, the Federal Insurance Office (FIO) of the Treasury Department issued a Notice of Information Collection and Request for Comment (NIC/RFC) on its planned data collection of climate-related financial risk information associated with U.S. homeowners’ insurance underwriting. In its latest regulatory action, the FIO sought the approval of the Office of Management and Budget …
Continue reading PIA Reiterates Objections to FIO Climate Data Call
On November 28, Sen. Katie Britt (R-AL) introduced S.3349, the Insurance Data Protection Act with PIA’s strong support. This legislation will meaningfully reform the Federal Insurance Office (FIO), an unnecessary federal bureaucracy created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. PIA worked with Senator Britt on the introduction of the bill and our support for the …
Continue reading Insurance Data Protection Act Introduced in Senate
The House Financial Services Subcommittee on Housing and Insurance held a hearing today entitled, “The Factors Influencing the High Cost of Insurance for Consumers.” In advance of the hearing, PIA submitted testimony for the record. The hearing examined the status of the domestic insurance industry, including recent developments in the property and casualty insurance market …
Continue reading PIA-Backed Bills on FIO Repeal and Reform Highlighted in House Hearing
The U.S. Treasury Department’s Federal Insurance Office (FIO) is preparing to proceed with a revised data collection that will specifically target property insurers regarding climate risks. The data collection announcement and solicitation of public input come despite ongoing concerns that the data collection will be overly burdensome to insurers, will ignore the existing state insurance …
Continue reading FIO Proceeds With Troubling Climate Data Call
On September 18 Rep. Scott Fitzgerald (R-WI) introduced H.R. 5535, the Insurance Data Protection Act with PIA’s strong support. This legislation will meaningfully reform the Federal Insurance Office (FIO), an unnecessary federal bureaucracy created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. PIA's support for the bill was noted in the congressman's …
Continue reading Bill to Remove FIO’s Subpoena Power Introduced
A report issued yesterday by the Federal Insurance Office (FIO) has concluded that state insurance regulators should more aggressively address climate-related risks. The FIO, which is housed within the Treasury Department, produced the report in response to an Executive Order (EO) on Climate-Related Financial Risk, which was issued by the Biden administration in early 2021. …
Continue reading FIO Climate Report: NAIC, State Insurance Depts Must Address Climate Risk
Members of PIA of Virginia meet with Congressman Ben Cline (R-VA) PIA members from around the nation converged on Washington, D.C. on May 10 for its 2023 Advocacy Day. Agents met with Senators, Representatives, and legislative staffers to discuss PIA’s key legislative issues. Among PIA’s top issues were a request to the USDA’s Risk Management …
On April 27, Rep. Ben Cline (R-VA) introduced the Federal Insurance Office Elimination Act of 2023. See PIA’s press release here. Rep. Cline’s press release, with PIA quotes, can be found here. The Federal Insurance Office Elimination Act will protect the successful state insurance regulatory system by repealing the Federal Insurance Office (FIO), an unnecessary federal …
Continue reading FIO Repeal Bill, PIA Top Priority, Introduced in the House
