Posted: 7/5/2011
Dodd-Frank Preemption of State Laws in Spotlight
One of the major concerns NAMIC has with the Dodd-Frank legislation is the sweeping reform’s ability to preempt state law in favor of federal law. For instance, the Federal Insurance Office (FIO) is charged with negotiating and advising on international insurance agreements and is given limited ability to preempt state laws in order to conform to these agreements.