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Federal Insurance Office


Self Description

January 2012: "The Federal Insurance Office was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The Office monitors all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system. The Office coordinates and develops Federal policy on prudential aspects of international insurance matters, including representing the United States in the International Association of Insurance Supervisors. The Office assists the Secretary in negotiating (with the United States Trade Representative) certain international agreements.

The Office monitors access to affordable insurance by traditionally underserved communities and consumers, minorities, and low- and moderate-income persons. The Office also assists the Secretary in administering the Terrorism Risk Insurance Program.

The Federal Insurance Office is not a regulator or supervisor. Insurance is primarily regulated by the individual States.

Contact information for individual State insurance departments can be found at: http://www.naic.org/documents/members_membershiplist.pdf"

http://www.treasury.gov/about/organizational-structure/offices/Pages/Federal-Insurance.aspx

Third-Party Descriptions

January 2012: "The authors also suggested potentially lowering the minimum amount of liability insurance that lower-income households are required to purchase. Mr. Hunter said he had already suggested to the Federal Insurance Office to collect more data on the issue."

http://bucks.blogs.nytimes.com/2012/01/30/lower-income-families-may-pay-more-for-auto-insurance

Relationships

RoleNameTypeLast Updated
Owned by (partial or full, past or present) Treasury Department/Department of the Treasury Organization Jan 30, 2012

Articles and Resources

Date Fairness.com Resource Read it at:
Jan 30, 2012 Lower-Income Families May Pay More for Auto Insurance

QUOTE: Many low-income families cannot afford car insurance, at least in part because insurers price their policies in ways that cost them more...

New York Times