The Federal Insurance Office (FIO) was established in 2010 by Title V of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). FIO is housed within the U.S. Department of the Treasury and is led by a director appointed by the Secretary of the Treasury. The office provides expertise on insurance matters to the Treasury Department and other federal agencies and ...
Background The Federal Insurance Office (FIO) was established in 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Operating within the U.S. Department of the Treasury, FIO was tasked with monitoring the insurance industry, identifying regulatory gaps, and representing the United States in international insurance matters.
The FIO does have some important duties. It is charged with monitoring all aspects of the insurance industry and identifying issues or gaps in regulation that could contribute systemic risk. It is authorized to monitor the extent to which underserved communities have access to affordable insurance products. It serves as a non-voting member of the Financial Stability Oversight Council, which ...
The Director of the FIO is a non-voting member of the FSOC. While the Federal Insurance Office serves an important role by providing necessary expertise and advice regarding insurance matters to the Treasury Department and other federal agencies, it is not a regulatory agency and its authorities do not displace the time-tested robust state ...
The National Association of Insurance Commissioners (NAIC) has sent a letter to the U.S. Department of the Treasury in response to its Federal Insurance Office’s (FIO) request for comment on a proposed data collection from property and casualty insurers regarding underwriting data on homeowners’ insurance to assess climate-related financial risk. Read the letter.