COLUMBUS — Ohio Lieutenant Governor and Department of Insurance Director Mary Taylor submitted comments to the Department of Treasury – and specifically, the Federal Insurance Office (FIO) – urging the federal government to leave insurance regulation to individual states.
Under the Dodd-Frank legislation signed into law in 2010, FIO is required to conduct a study of ways to improve and modernize the system of insurance regulation in the United States. As part of the study, FIO requested comments from state regulators on potential efforts at the federal level to regulate insurance.
“The federal government seems interested in duplicating a process we manage very well at the state level,” Taylor said. “We know our states better than the federal government and we are committed to doing what is best for our citizens.”
Taylor submitted comments on a number of issues being considered by FIO such as consumer protection, uniformity in regulatory standards among states and assessments of an insurer’s financial health. The comments submitted made clear the thorough work already conducted by the Ohio Department of Insurance and its qualified staff in these areas.
“The Ohio Department of Insurance is aggressive yet fair in its regulation of insurers,” Taylor added. “The Department has been nationally accredited for 20 years and is focused on a strong balance between protecting consumers without over-regulating the industry. We look forward to ongoing discussions regarding the regulation of insurance.”
Dodd-Frank established FIO within the Department of the Treasury to do the following;
- Collect and review information about the insurance industry
- Represent the federal government on issues related to international insurance regulation
- Negotiate international agreements relating to insurance regulation
Comments like those submitted by Taylor are part of the implementation process providing guidance regarding how FIO should operate and what powers it should and should not have.
The comments submitted to FIO from Taylor can be accessed by clicking on the following link; www.insurance.ohio.gov/Company/Documents/FIOComments.pdf.