We, the undersigned U.S. trade associations, write to express our support for legislation to amend the Consumer Financial Protection Act of 2010 to clarify the authority of the Bureau of Consumer Financial Protection (CFPB) with respect to the business of insurance. Collectively, we represent a majority of the U.S companies and agents offering property-casualty, title, and life insurance and would appreciate the timely introduction of this legislation.
As you are aware, Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) exempted the business of insurance from the purview of the CFPB and reiterated that the regulation of insurance had been delegated to the states. We believe that additional revisions to the Dodd-Frank Act are needed to underscore the broad scope of the business of insurance exemption and to place parameters around the CFPB’s regulatory actions.