Waters Statement on Insurance Modernization Report
Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, today commented on the release of the U.S. Department of the Treasury’s Federal Insurance Office (FIO) report to Congress on “How to Modernize and Improve the System of Insurance Regulation in the United States.” The FIO was created by the Dodd-Frank Wall Street Reform Act of 2010, and makes recommendations in the areas of insurance sector solvency and marketplace regulation.
She made the following statement:
“I am very pleased with the Treasury’s release of this long- awaited report. The U.S. insurance industry is vitally important to protect our nation’s consumers, businesses and overall economy. I look forward to reviewing this critical report, which analyzes the current framework for the U.S. insurance regulatory system, detailing strengths, weaknesses and opportunities for modernization. I’m particularly interested in looking at the report’s findings regarding access to affordable insurance of traditionally underserved communities, a critically important issue to ensure all families benefit from the protections and opportunities afforded by insurance.”