The National Association of Mutual Insurance Companies (NAMIC) and National Association of Professional Insurance Agents (PIA) welcomed the introduction this week of the Insurance Data Protection Act in the U.S. House of Representatives they say will protect insurers and the state-based system of insurance from federal overreach by the Federal Insurance Office (FIO). The bill […]
Insurance Associations Defend Auto Insurer Pricing Factors
Following calls by consumer groups for the U.S. Treasury Department’s Federal Insurance Office (FIO) to update its 2017 auto insurance affordability study, two insurance groups commented on the proposals. David Snyder, vice president of the American Property Casualty Insurance Association’s Policy, Research and International Division (APCIA) said, “We support the Department of Treasury’s Federal Insurance […]
Consumer Organizations Call on Federal Insurance Office to Update Auto Insurance Affordability Study
In a comment letter sent to the agency on Monday, July 26, Consumer organizations urged the Department of Treasury’s Federal Insurance Office (FIO) to update a 2017 study on the affordability of auto insurance in historically underserved communities and to conduct a deep and thorough investigation of unfair discrimination in auto insurance markets. While state […]
ASA Urges Collision Repair Center Operators to Oppose Legislation Threatening Federal Insurance Office
Legislation introduced in both U.S. House and Senate would abolish office association believes serves interest of consumers and collision repair facilities. The Automotive Service Association (ASA) reports that bills to abolish the Federal Insurance Office have been introduced in the U.S. House of Representatives and the U.S. Senate. The association opposes both bills and is […]
Groups Say State Insurance Regulators Fail Consumers on Auto Insurance Affordability Research
Consumer groups want Federal Insurance Office to step in saying National Association of Insurance Commissioners report biased towards insurance industry. Insurance industry association calls consumer groups’ comments unfortunate. Consumer groups have called on state insurance regulators to reject a proposed report on auto insurance affordability that the groups said is biased toward industry and fundamentally […]
ASA Asks Congress to Protect Federal Insurance Office’s Authority
The U.S. House of Representatives Committee on Financial Services passed a series of six bills designed to reduce federal regulations. The Automotive Service Association (ASA) reports that one of the bills, HR 3861, Federal Insurance Office Reform Act of 2017, introduced last year was part of the package approved by a vote of 36-21. ASA […]
Federal Insurance Office Survives Dodd-Frank Reform
ASA acknowledges U.S. Senate Banking Committee for saving FIO. The Automotive Service Association (ASA) made the establishment of the Federal Insurance Office (FIO) its top priority during Congress’ consideration of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. Despite significant opposition, FIO did become part of the Dodd-Frank Reform law. According to […]
Federal Insurance Office Preserved in Dodd-Frank Reform Bill Passed by U.S. Senate
The Automotive Service Association (ASA) reported that on March 14, the U.S. Senate passed S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, which is a wide-ranging bank deregulation bill that would scale back key parts of the 2010 Dodd-Frank law. The bill passed by a vote of 67-31. ASA Washington Representative Bob […]
ASA Collision Leaders Meet with U.S. Department of Treasury Officials
Discuss the Federal Insurance Office and the collision repair industry Last week, the Automotive Service Association’s Collision Operations Committee (COC) met with the Federal Insurance Office’s (FIO) deputy director, Steven Seitz, and other FIO officials to discuss the future of the FIO, as well as its work in the property and casualty sector as related […]
Federal Insurance Office Announces Methodology for Monitoring Auto Insurance Affordability
The U.S. Department of the Treasury’s Federal Insurance Office (FIO) announced the adoption of a methodology for monitoring the affordability of automobile insurance. Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes FIO to monitor the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income (LMI) persons […]