Multi-state insurance coalition calls for FIO closure

A multi-state coalition of insurance commissioners issued a joint letter to the Department of Government Efficiency (DOGE) that recommends the closure of the Federal Insurance Office (FIO). 

The FIO was established within the U.S. Department of the Treasury to monitor the insurance industry under Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

The coalition, led by New Hampshire Insurance Commissioner DJ Bettencourt, also includes the insurance commissioners from Alabama, Arkansas, Kansas, Louisiana, North Carolina, Oklahoma, Tennessee and West Virginia. 

Bettencourt, said in a statement: "State-based insurance regulation has successfully ensured consumer protection, market stability, and efficiency for decades. The Federal Insurance Office has consistently failed to demonstrate its necessity, and its continued operation represents an unnecessary burden on taxpayers."