PIA welcomes a bill seeking to abolish the FBI

PIA welcomes bill seeking to repeal FBI | American insurance business

“The proper place to regulate insurance is at the state level.”

PIA welcomes a bill seeking to abolish the FBI

Insurance news

By Mika Pangilinan

The National Association of Professional Insurance Agents (PIA) has applauded the reintroduction of a bill seeking to abolish the Federal Insurance Office (FIO) in the Senate.

Sponsored by Senator Ted Cruz, the Federal Insurance Bureau Repeal Act or S. 1694 aims to protect the state insurance regulation system by repealing the FIO, which was initially formed by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

The PIA has consistently opposed the creation of the FIO, stating that its duties overlap with other government offices and state insurance commissioners.

“The place for insurance regulation is at the state level, and state insurance regulation has served the insurance industry and consumers well for more than a hundred years,” said PIA President Gerald Hemphill.

In 2021, the Biden administration issued an executive order directing the FBI to assess climate risks facing insurers and identify potential coverage disruptions in areas vulnerable to climate change.

Next, the FIO requested zip code-level data from state insurance departments regarding property, liability, and casualty insurance coverage. The bureau also announced its intention to conduct a climate financial risk data call through the Treasury Department, and to expand its involvement in areas such as flood insurance.

“In November 2016, PIA became the first national insurance association to publicly call for the abolition of FIO, and it remains a high priority,” Hemphill said. “The FIO Repeal Act will protect the state’s strong regulatory structure through the complete repeal of the FIO Act.”

The bill’s reintroduction follows PIA’s 2023 Advocacy Day, where PIA members from across the country urged their elected representatives to support repeal of FIO.

Last month, Rep. Ben Kline introduced a similar bill to the House.

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