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PIAW praises bill to scrap Federal Insurance Office

August 3, 2021

Professional Insurance Agents of Wisconsin (PIAW) has announced its support for the Federal Insurance Office Abolishment Act, new legislation introduced in the House of Representatives by Rep. Ben Cline (R-Va.), with Rep. Tommy Tiffany (R-Wis.) signing on as an original sponsor.

The Federal Insurance Office (FIO) was created as part of the Wall Street Reform and Consumer Protection Act, commonly known as Dodd-Frank. PIAW said that many of the FIO’s duties are duplicative of other US government offices, and that it has continually sought to expand its authority. The FIO has called for federal regulation of mortgage insurance, inclusion in supervisory colleges with state regulators, and uniform national standards for state guaranty associations.

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