Federal Insurance Office Abolishment Act of 2026

Key Points

• This bill would completely shut down the Federal Insurance Office. This office was created years ago to monitor the insurance industry and identify gaps in how insurance is regulated across the country.
• The proposal would also eliminate the position of the director who leads the office. This move is part of an effort to reduce federal oversight and return more power to state governments to manage their own insurance markets.
• While the office would be gone, the Secretary of the Treasury would still keep the legal power to handle insurance matters. This ensures the government can still step in if there is a major problem in the insurance world.
• The bill would remove the office from several important financial groups. Currently, the office helps look for risks that could hurt the U.S. economy, but this bill would take them out of those conversations.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.