The Big "I" remains dedicated to preserving the state-based system of insurance regulation and firmly believes that the attributes of this system dramatically outweigh any perceived shortcomings or inefficiencies. State regulation continues to offer considerable benefits especially in the vital areas of solvency regulation and consumer protection.

There are many facets of federal law and regulation that can impact the state insurance regulatory system and insurance agents. While there was not a wholesale change to the way that insurance was regulated after the 2008 crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) did give some federal agencies heightened oversight over insurance companies. Since then, there has been growing concern that federal regulatory efforts could lead to an erosion of the state-based system, market consolidation and an uneven playing field for insurance companies, leading to fewer markets for independent agents.

The Department of Labor (DOL) also exercises some authority over workers compensation systems, and financial advice given in relation to the Employee Retirement Security Act (ERISA). The Securities and Exchange Commission (SEC) may also exercise direct authority of some insurance agents, if for example the agents is also a licensed broker-dealer.

2018 Issue Summary

2019 Issue Summary

IIABA Insurance Regulation Reform Advocacy