Last Updated: 4/1/2026 

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 participates in international insurance discussions.  However, FIO is not a regulatory agency, and its authorities do not replace or override the longstanding system of state-based insurance regulation. 

Scope and Functions  
FIO’s authorities extend to most lines of insurance, excluding health insurance, most long-term care insurance, and crop insurance (which is governed by the Federal Crop Insurance Act). FIO does not supervise or regulate insurers and does not license companies or approve insurance products. Those responsibilities remain with state insurance regulators. 

Under Dodd-Frank, FIO is charged with monitoring the insurance sector and identifying activities that could pose a risk to the broader financial system. The office also monitors affordability of insurance products. The FIO Director serves as a non-voting member of the Financial Stability Oversight Council (FSOC), which is responsible for identifying risks to U.S. financial stability. In certain circumstances, FIO also plays a role in the resolution of troubled companies and assists the Treasury Department in negotiating international insurance agreements known as covered agreements. 

FIO advises the Secretary of the Treasury on major domestic and international insurance issues. While FIO represents the U.S. federal government in international insurance forums such as the International Association of Insurance Supervisors (IAIS), state insurance regulators continue to present the views of the U.S. insurance regulatory community internationally. 

Powers 
To carry out its responsibilities, FIO is authorized to collect data and information about the insurance industry and to enter into information sharing agreements with state regulators. FIO may also require insurers or their affiliates to submit data directly, but only after determining that the information is not reasonably available from the public or regulatory sources. The law also provides an exemption for small insurers that meet a minimum size threshold, although this has not yet been defined by FIO. 

Reports 
FIO is required to issue several one-time studies as well as annual reports to the U.S. Congress on the insurance industry. These reports address topics such as market developments, financial stability, and access to insurance products. FIO has also contributed to broader Treasury reports examining the insurance and asset management sectors. A listing of available FIO reports can be found on the U.S. Department of the Treasury/FIO Webpage. 

State insurance regulators support constructive working relationships with key federal agencies to promote effective insurance oversight and protect U.S. consumers and markets. Interactions between the NAIC and federal agencies, including FIO, are coordinated though the NAIC’s Government Relations (EX) Leadership Council (GRLC). The GRLC monitors and analyzes federal legislative and regulatory developments affecting insurance and works to ensure that the NAIC’s policy perspectives are clearly and effectively communicated to federal policymakers and other stakeholders.  

Recent Treasury reports have reaffirmed the strength of the state-based insurance regulatory system and recognized the need to recalibrate the scope and focus of FIO's activities, both domestically and internationally. Among other recommendations, the reports emphasize that FIO should defend the U.S. insurance regulatory framework in international forums and support only those international standards that are consistent with that system. State insurance regulators also engage with Congress to underscore the importance of statutory reforms that align FIO’s mission and activities with these principles, ensuring policy continuity and clarity across administrations.