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Federal Insurance Office (FIO)
Practical Law Glossary Item 2-502-8314 (Approx. 2 pages)
Glossary
Federal Insurance Office (FIO)
Created on July 22, 2010 under Title V of the Dodd-Frank Wall Street Reform and Consumer Act of 2010 (Dodd-Frank Act), the Federal Insurance Office (FIO) is a department within the US Department of the Treasury. The director of the FIO is appointed by the Treasury Secretary and is a non-voting member of the Financial Stability Oversight Council (FSOC). The duties of the FIO include:
- Monitoring all aspects of the insurance industry.
- Recommending to the FSOC that it designate an insurance company as an entity that should be subject to enhanced prudential standards.
- Recommending to the Treasury Secretary (together with the Federal Reserve Board and in consultation with the FDIC) that the FDIC be appointed as a receiver of a failing insurance company.
For more information on the FIO and the Dodd-Frank Act generally, see Articles, Summary of the Dodd-Frank Act: Regulatory Structure and Road Map to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.