With all of the confusion, discussion & debate about health care and insurance right now, Sabrina Pacifici’s post on LLRX.com yesterday morning, in fact, at least offer some degree of calm for many --- officials & lawmakers on both state and the federal level included.
“The U.S. Department of the Treasury’s Federal Insurance Office (FIO) today submitted and released to Congress a report on how to modernize and improve the system of insurance regulation in the United States. Given the significance of the insurance sector in the U.S. economy, and the globally active nature of U.S. insurance firms, the report concludes that in some circumstances, policy goals of uniformity, efficiency, and consumer protection make continued federal involvement necessary to improve insurance regulation. However, the report also concludes that insurance regulation in the United States is best viewed in terms of a hybrid model, where state and federal oversight play complementary roles and where the roles are defined in terms of the strengths and opportunities that each brings to improving solvency and market conduct regulation…The report, mandated under Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), makes recommendations in the areas of insurance sector solvency and marketplace regulation, outlining near-term reforms that states should undertake regarding capital adequacy, safety and soundness, reform of insurer resolution practices, and marketplace regulation, and areas for federal involvement in insurance regulation… “
The article has a link to the Federal Insurance Office’s "Howto Modernize and Improve the System of Insurance Regulation in the UnitedStates” report.