Federal government should have role in insurance oversight, Dodd-Frank report says

The current state-based system of insurance regulation is inefficient and burdensome, according to a long-awaited report mandated by the Dodd-Frank Act. The report, released last month by the Federal Insurance Office (FIO), concludes that policymakers should consider steps to involve the federal government in the state-based system. The FIO, which was created under Title V of Dodd-Frank, said states should take several steps to modernize insurance regulation. The report also said Congress should step in if the states fail to make needed improvements.