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A Contradiction in the CHOICE Act

The Financial CHOICE Act is a deregulation bill—except when it comes to insurance. Then, it creates the framework for the kind of federal regulatory bureaucracy that it purports to tame...
May 9, 2017

The Financial CHOICE Act is a deregulation bill—except when it comes to insurance. Then, it creates the framework for the kind of federal regulatory bureaucracy that it purports to tame.

Rather than getting rid of the Federal Insurance Office (FIO), something that was never needed, the Financial CHOICE Act inexplicably doubles down, folding the FIO into a more-powerful Office of the Independent Insurance Advocate, which will have much greater authority and will not be accountable to anyone.

PIA’s Vice President of Government Relations Jon Gentile has written an op-ed which appears in PC360, outlining PIA’s reasons for opposing creation of the Office of the Independent Insurance Advocate. Read Jon’s article here.


“If one were to draft a proposal to extend the reach of the federal government over the insurance industry, this provision of the CHOICE Act would fit the bill,” says Gentile. “Fortunately, there is still time for lawmakers who believe in reducing, rather than greatly increasing, federal regulation to consign both the existing Federal Insurance Office and the prospective Office of Independent Insurance Advocate to the nearest trash can.”