WASHINGTON, May 22, 2019 /PRNewswire/ -- The National Association of Professional Insurance Agents (PIA National) is pleased that Senator Ted Cruz (R-TX) today introduced S. 1586, the "Federal Insurance Office Abolishment Act" in the Senate. This legislation is a companion bill to H.R. 1862 by Rep. Alex Mooney (R-WV), which was introduced in the House earlier this year.
"The introduction of this legislation in the Senate is an enormous victory for those in the insurance community who truly support the state insurance regulatory system," said Jon Gentile, VP of government relations at PIA National. "The FIO has been a redundant office with duplicative duties from its creation. Furthermore, it has continuously sought to expand its power as well as the federal government's role in insurance regulation," said Gentile. "Its very existence is a threat to the state insurance regulatory system. Now, thanks to the leadership of Senator Cruz, the Senate has joined the movement to repeal this office."
Since its conception as part of the Wall Street Reform and Consumer Protection Act (Dodd-Frank), the FIO has called for federal regulation of mortgage insurance; for its inclusion in supervisory colleges with state regulators; and for uniform national standards for state guaranty associations. In addition, it now seeks to administer the National Association of Registered Agents and Brokers (NARAB). Every one of these acts is an overreach of its mandate.
"Rep. Mooney and Senator Cruz deserve broad industry support for their effort, and members of every insurance association should ask their leaders to explicitly endorse state insurance regulation by offering written support for this bill," Gentile said.
PIA National worked closely with Sen. Cruz and Rep. Mooney on developing this bill, and it was a top priority at PIA National's fly-in, the PIA Federal Legislative Summit, in April. PIA National will continue to build support for the bill in both the House and Senate throughout the 116th Congress. PIA National also welcomes support from other insurance trade associations in championing this worthy legislation.
Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes, and businesses. PIA members are Local Agents Serving Main Street America SM . PIA's web address is www.pianet.com.
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SOURCE National Association of Professional Insurance Agents