The Dodd-Frank Act: Act Changes Legal Landscape of Insurance

Abstract

Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act, P. L. 111-203, created the Federal Insurance Office, the first federal agency with responsibility over the insurance industry in general. The Federal Insurance Office is under the auspices of the Department of Treasury. It is charged with responsibility for monitoring the insurance industry, and for gathering and distributing information concerning insurance with an eye toward facilitating equal and fair access to insurance. The Federal Insurance Office will also serve as a uniform, national voice for insurance in the international arena and will streamline regulation of reinsurance and surplus lines.