Have a strong opinion on what the federal government’s role should be going forward in regulating insurance? I hope you do. Now is your chance to have your opinion heard by the people actually making the rules.
On Oct. 17, the fledgling Federal Insurance Office published in the Federal Register a “request for comment.” It invites the public to provide input as to what the government’s role should be in regulating the domestic and international activities involving the business of insurance.
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the FIO to conduct a study on how to modernize and improve the system of insurance regulation in the United States. The study must be submitted to Congress by late January 2012 — no more than 18 months after the date of the Dodd-Frank Act’s enactment. To assist the FIO in conducting the study and formulating its recommendations, the FIO issued the request for comment.
It is vitally important that highly competent life insurance industry professionals from up and down the distribution chain take advantage of this opportunity to provide input in advance of this potential industry-changing study. Don’t do nothing now and complain later if the FIO report comes out with recommendations that seek to add unnecessary layers of bureaucratic oversight that will hurt insurance professionals and consumers alike.