State regulators want to put the kibosh on the Federal Insurance Office

December 26, 2024 by John Hilton

State insurance regulators know what they want from the anti-government fervor inspired by the return of President Donald Trump: elimination of the Federal Insurance Office.

A coalition of insurance commissioners from nine states issued a joint letter to heads of the Department of Government Efficiency requesting the death of the FIO. Led by Elon Musk and Vivek Ramaswamy, the controversial DOGE is charged with streamlining federal operations and reducing inefficiencies.

Established under the Dodd-Frank Act, the FIO was tasked with monitoring the insurance industry, assessing systemic risk, and advancing global regulatory practices. 

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Originally Posted at InsuranceNewsNet on December 24, 2024 by John Hilton.