The US Federal Government through its Federal Insurance Office is looking forward to receiving comments from the general public about ideas on how to modernize and renovate the US regulatory insurance system. This step comes consistent with the late Dodd-Frank Wall Street Reform and Consumer Protection Act which was enacted by the Government and signed by President Barack Obama July 21, 2010 .
Initially the law was introduced to the House of Representatives by Barney Frank and for the Senate Banking Committee by Chairman Chris Dodd. The law came to reform the ailing financial system in the US. The law is aiming "To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes". For that purpose the Federal Insurance Office FIO was created to monitor the insurance industry, with special attention given to the traditionally underserved groups and minority and lower income classes, except for health insurance.
Among other things that the Act is aiming at are the administration of the Terrorism Insurance Program, coordination different states Insurance Commissioners agendas and other international insurance matters. The FIO, which is part of the US Secretary of the Treasury will be making recommendations about insurance reforms and about insurance companies that may pose risks.
On October 17, 2011 the US Treasury Department has issued a request and notice for comment, asking for the public contribution on ideas needed to complete a report to US Congress on methods to revise and advance the system of insurance laws and regulations in the United States of America. All Comments are due no later that December 16, 2011. Early submissions of ideas and recommendations are encouraged. People with questions should contact Federal Insurance Office, Department of Treasury, at (202) 622–3137.
The State of Illinois is one of the states that has been witnessing serious stagnation in the insurance industry. Lots of recommendations and ideas can be offered to improve our insurance system and regulations regarding the following:
1. Illinois auto insurance claims services
2. Illinois homeowners insurance underwriting policies
3. Illinois auto insurance programs and SR22 filing
4. Illinois workers compensation insurance programs.
Insurance consumers and experts are encourage to submit their comments with the Federal Insurance Office here.