FIO - Federal Insurance Office

  • FIO - home.treasury.gov///federal-insurance-office
  • Insurance Information Act, HR 2609, to create a Federal Insurance Office
  • H.R. 1862: Federal Insurance Office Abolishment Act of 2019
  • 2011 08 - AP - A Report to the Federal Insurance Office, Networks Financial Institute at Indiana State University - 60p
  • 2011 1211 - NAIC/FIO Meeting on Market Conduct - 83p
  • 2013 - LR - Will the Federal Insurance Office Improve Insurance Regulation?, byElizabeth F. Brown - 51p
  • 2013 05 - LR - Will the Federal Insurance Office Improve Insurance Regulation?, by Elizabeth F. Brown - 51p
  • 2014 0204 - GOV (House) - The Federal Insurance Office’s Report on Modernizing Insurance Regulation - [PDF-214p, VIDEO-YouTube]
    • Mcraith, Leonardi, In background (Ben Nelson, Gary Hughes?)
  • Federal Insurance Office Act
    • Federal Insurance Expertise.  Insurance plays a vital role in the smooth and efficient functioning of our economy, but the credit crisis highlighted the lack of expertise within the federal government regarding the industry, especially during the collapse of American International Group (AIG) and last year’s turmoil in the bond insurance markets.
      • A Federal Insurance Office will provide national policymakers with access to the information and resources needed to respond to crises, mitigate systemic risks, and help ensure a well functioning financial system.
    • International Coordination.  Although America’s insurance markets still operate on a state-by-state basis, today’s markets are global.
      • The Federal Insurance Office will therefore provide a unified voice on insurance matters for the United States in global deliberations.

2009 06 - DOTT - Financial Regulatory Reform, A New Foundation: Rebuilding Financial Supervision and Regulation, Geithner, Department of the Treasury - [PDF-93p-GooglePlay]

  • 2009 1009 - GOV (House) - (CSPAN) - Financial Services Legislation Markup
    • [PDF-?, VIDEO-CSPAN]
    • 03:44 - Barney Frank - There have been a lot of Conversation with the National Association of Insurance Commissioners and the Agents. 
      •  
    • House - Financial Services Committee

2016 11 - FIO - Report on Protection of Insurance Consumers and Access to Insurance, Federal Insurance Office - 58p

  • We believe it is very important for the subcommittee, and other committees in Congress with jurisdiction over insurance, to have a sound understanding of how our industry operates...
  • ... I would like to focus my remarks this morning on why the ACLI believes that the new Federal Insurance Office, FIO, is an extremely important new player in the insurance arena and why it is important for that office to be fully funded and staffed as quickly as possible.  (p26)

--  Statement of Gary E. Hughes, Executive Vice President & General Counsel, American Council of Life Insurers (ACLI)

2011 0728 - GOV (House) - Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs - [PDF-285p, Video?]

  • (p3) - Luis Gutiérrez  (D-IL) - When we passed the Wall Street Reform Act last year, we included very important provisions to create a Federal Insurance Office, or FIO, and among the duties tasked is the ability to receive and collect data, something that had been previously lacking among State insurance regulators.
    • The law also included a provision that directs FIO to coordinate with each relevant agency and State regulator to determine if the information to be collected is available and may be obtained from other agencies before collecting data from the insurance industry.
    • They did this to minimize any potential compliance cost. Subsequently, the law contains an explicit exemption for small insurers and their affiliates from data collection requirements.
    • The newly created FIO will have the proper authorization to monitor and evaluate access to affordable insurance products to underserved communities.

2011 0728 and 1025 - GOV (House) - Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs - Part 1 (2011 0728), Part 2 (2011 1025) - [PDF-285p, VIDEO-?] 

  • Title V, Subtitle A of the Dodd-Frank Act created the Federal Insurance Office inside of the Department of the Treasury.
    • FIO is to monitor all aspects of the insurance industry and coordinate and develop policy relating to international agreements.  (p6)

2015 0926 - CRS - Insurance Regulation: Background, Overview, and Legislation in the 114th, Congress, Baird Webel (Specialist in Financial Economics) - 38p

  • We strongly encourage you to include an explicit provision in the legislation to include important professional expertise by creating an Office of the Actuary.
  • We believe a qualified actuary in the role of Federal Chief Actuary is critical to ensure proper oversight and guidance is provided to policymakers in the formation as well as the ongoing operations of the Federal Insurance Office.
  • The insurance sector is subject to a range of potential systemic risks.
  • Actuarial expertise is required to monitor and quantify these risks, including the risks unique to the insurance industry.

2009 1124 - AAA to GOV (House-Frank/Bachus) - Financial Regulatory Reform Task Force of the American Academy of Actuaries Letter to GOV - Barney Frank/Spencer Bachus - <House Financial Services Committee> - 3p

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