Treasury calls for looser federal oversight of insurance companies

The Treasury Department on Thursday called for fundamental changes to the way federal agencies regulate insurance companies under the Dodd-Frank Act financial rules.

In a report released Thursday night, Treasury said regulators should move away from regulating insurance companies based on size, and instead focus on risky activities conducted by such firms. The move could require Congress to amend Dodd-Frank, which created strict rules meant to limit dangerous activity in banks and financial firms.

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