S. 5158: Federal Insurance Office Abolishment Act of 2026

This bill would eliminate the Federal Insurance Office (FIO) within the U.S. Treasury Department and abolish the position of its director.

What would change

• The FIO, which helps monitor the insurance industry and advises the federal government on insurance-related issues, would be shut down.
• The law that created the office would be removed from federal law.
• Several parts of other financial laws would be updated to delete references to the FIO and its director.

What would stay in place

• The bill says it should not be read to remove or limit the Treasury Secretary’s authority over insurance matters.
• Other federal financial regulators, such as the Federal Reserve and Treasury, would continue to operate under their existing powers.

Practical effect

In simple terms, the bill would remove a Treasury office that focuses on insurance from the federal government’s structure. It would also revise related statutes so they no longer refer to that office. Insurance-related responsibilities would not disappear entirely, but they would be left to other parts of the federal government that already have authority in this area.

Relevant Companies

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