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Insurance Topics | Federal Insurance Office | NAIC Background The Federal Insurance Office (FIO) was established by Title V of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) The FIO is housed within the U S Department of the Treasury and is headed by a director who is appointed by the secretary of the Treasury The office provides expertise on insurance matters to the Treasury Department and other
Financial Reform FIO Dodd-Frank Financial Services Regulatory Reform: NAIC Initiatives Federal Insurance Office (FIO) Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act established a Federal Insurance Office (FIO) within the Department of the Treasury to: Collect and analyze information regarding the insurance industry; Assist the Financial Stability Oversight Council (FSOC) in identifying
The New Federal Insurance Office 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
NAIC Responds to FIO’s Climate-Related Financial Risk Data Collection . . . 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
NAIC Responds to FIO Request for Information on Climate-Related . . . The National Association of Insurance Commissioners (NAIC) responds to the Federal Insurance Office’s (FIO) Request for Information (RFI) on the insurance sector and climate-related financial risks As the primary regulators of this sector, state insurance regulators are on the frontlines of climate-related natural catastrophe preparedness and response, protecting policyholders and
FIO Climate-Related Financial Risk Data Collection Comments We believe FIO should honor the time-tested and well-settled fact that regulation of the insurance industry is best performed at the state level We are willing to work with FIO within a mutually agreed to, reasonable timeframe to identify pertinent data and develop appropriate analyses suitable to a credible assessment of climate risk
May 2025 Eliminate the Federal Insurance Office 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
NAIC Announces 2025 Federal Legislative and Regulatory Priorities Today, the National Association of Insurance Commissioners (NAIC) announced its 2025 federal legislative and regulatory priorities, which are focused on further strengthening the national system of state-based insurance regulation in the United States These priorities aim to foster an innovative, competitive, and secure insurance marketplace, enhance access to insurance to safeguard the
Terrorism Risk Insurance Data Call Beginning in 2016, insurance regulators in all states and the District of Columbia ("States") agreed to participate in a data call to collect information related to terrorism risk insurance to serve important regulatory objectives, such as monitoring the affordability and availability of insurance coverage for acts of terrorism and assessing insurers' financial exposure to terrorism risk
NAIC Participates in Brookings Panel on Climate-Related Financial Risk The U S Department of the Treasury’s Federal Insurance Office (FIO) on Tuesday released a report on “Insurance Supervision and Regulation of Climate-Related Risks ” The report makes 20 policy recommendations that involve the ongoing work of the NAIC related to climate risk and resiliency