Oklahoma Insurance Commissioner John D. Doak asks State Attorney Generals to review the constitutionality of the creation of the Federal Office of Insurance. Commissioner Doak believes that this newly created office will be duplicative and circumvent state based regulation.
Doak stated, “The guidelines outlined for the FIO in the Dodd-Frank Act will naturally evolve to federal regulation. Why else would you create a new agency to duplicate or preempt what states are already doing?”
“Government policies like PPACA and the FIO are prime examples of the federal government’s growing intrusion into our lives that must be opposed”, proclaimed Doak.
The Federal Insurance Office (FIO) is a by-product of the Dodd-Frank Wall Street Reform & Consumer Protection Act that was signed into law in 2010. It establishes the FIO as a new office within the US Department of Treasury with the power to monitor all aspects of the insurance industry, collect data, identify potential economic crises, serve on the Financial Stability Oversight Council, and create reports to Congress.
Other opponents to the FIO like The National Association of Professional Insurance Agents (PIA) have said, “During the economic collapse of 2008, the insurance industry and the policyholders it serves were protected, largely due to prudent supervision by state insurance regulators that ensured financial stability…At the same time, failed federal regulation in the banking and securities sectors contributed greatly to the collapse.”
Commissioner Doak believes that with the recent enactment of PPACA, or ObamaCare, and the creation of the FIO, the federal government is out of control in regulation. Doak encourages Oklahoma Attorney General Scott Pruitt and other state Attorney Generals to review and consider filing lawsuits on behalf of state’s rights.
Doak said, “Americans must be vigilant in order to retain our individual freedoms and state’s rights, otherwise we will lose them forever!”