Senate passes financial reform bill

Jan. 1, 2020
The Senate has passed H.R. 4173, Restoring American Financial Stability Act of 2010, in a 60-39 vote, after having stalled activity on the conference report for more than a week. The legislation is now awaiting signature by President Barack Obama. Th

The Senate has passed H.R. 4173, Restoring American Financial Stability Act of 2010, in a 60-39 vote, after having stalled activity on the conference report for more than a week. The legislation is now awaiting signature by President Barack Obama. The bill includes augmentation to the current insurance policies, creating a Federal Insurance Office (FIO) with the power to discuss international insurance agreements and the power to monitor the industry from a federal level.

Title VI of the bill outlines the Federal Insurance Act of 2009, which authorizes the Federal Insurance Office to: monitor the insurance industry. The bill authorizes the Office to help identify issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the U.S. financial system. It also allows authorization of monitoring the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income persons have access to affordable insurance products covering all lines of insurance, except health insurance. Other bill actions can be found in the summary or text of the legislation at ASA's legislative website, www.takingthehill.com.

The bill enlarges the scope of the Federal Insurance Office's authority regarding all insurance types except health. The bill mandates that the Federal Insurance Office report back to Congress on the modernization and improvement of insurance regulation in the United States. The report to Congress will address the following considerations: systemic risk regulation with respect to insurance, capital standards and the relationship between capital allocation and liabilities, and consumer protection for insurance products and practices, among other considerations.

The study and report shall also contain any legislative, administrative or regulatory recommendations, as the director determines appropriate, to carry out or effectuate the findings set forth in such a report. With respect to the study and report, the FIO director shall consult with state insurance regulators, consumer organizations, representatives of the insurance industry and policyholders, and other organizations and experts, as appropriate.

For additional information about ASA, including past news releases, go to www.asashop.org.

Sponsored Recommendations

ZEUS+: The Cutting-Edge Diagnostic Solution for Smart, Fast, and Efficient Auto Repairs

The new ZEUS+ simplifies your diagnostic process and guides you through the right repair, avoiding unnecessary steps along the way. It gives you the software coverage, processing...

Diagnostic Pre- and Post-scan Reports are Solid Gold for Profitability

The following article highlights the significance of pre-scans and post-scans, particularly with Snap-on scan tools, showcasing their efficiency in diagnosing issues and preventing...

Unlock Precision and Certainty: TRITON-D10 Webinar Training for Advanced Vehicle Diagnostics

The TRITON-D10 lets you dig deep into the systems of a vehicle and evaluate performance with comparative data, systematically eliminating the unnecessary to provide you with only...

APOLLO-D9: Trustworthy Diagnostics for Precision Repairs

The APOLLO-D9 provides the diagnostic information and resources you need to get the job done. No more hunting through forums or endlessly searching to find the right answers. ...

Voice Your Opinion!

To join the conversation, and become an exclusive member of Vehicle Service Pros, create an account today!