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Rep. Troy Downing urges elimination of Federal Insurance Office, cites state authority concerns
Summary
Rep. Troy Downing told the House Financial Services Committee that he has introduced legislation to abolish the Federal Insurance Office (FIO), arguing that state-based regulation and the McCarran-Ferguson Act should govern insurance oversight and that FIO has overstepped by pursuing climate-related data calls and not consulting state regulators.
Representative Troy Downing told the House Financial Services Committee during a member-day hearing that he has introduced legislation to eliminate the Federal Insurance Office and return most insurance oversight responsibilities to state regulators.
Downing, a member of the committee and a former state insurance and securities regulator, said he introduced H.R. 643, the Federal Insurance Office Elimination Act, to “preserve state based regulation because states are best equipped to address the insurance needs of their communities, not the federal government.”
Downing framed his proposal around the…
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