It is unlikely that the much-awaited Federal Insurance Office report on reforming and modernizing state insurance regulation will be unveiled for several weeks.
However, signs are emerging that one component of the report will be resurrection of a proposal unveiled in 2004 that was embodied in legislation called the SMART Act, or State Modernization and Regulatory Transparency Act.
Support for change then was manifested in legislation that would create an optional federal charter, which never came up for a vote in either House.
The latest interest in regulatory change was contained in the Dodd-Frank financial services modernization law, which mandated that a study of how the system should be modernized and made uniform should be written by the FIO and Treasury. Under the DFA, the study was due Jan. 21.