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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:

1. Collect and analyze information regarding the insurance industry;
2. Assist the Financial Stability Oversight Council (FSOC) in identifying any systemically risky insurers;
3. Represent the federal government in international discussions relating to insurance regulation; and
4. Coordinate federal efforts to negotiate international agreements relating to insurance regulation.
5. 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 insurance regulatory regime.