Federal Insurance Office

From Ballotpedia
Jump to: navigation, search
Policypedia Finance Final.png
Financial regulation in the United States
Dodd-Frank Act
Federal Reserve
Financial regulation by state
Public Policy Logo-one line.png
Key terms
Commercial bank • Credit union • Depository institution • Financial system • Investment banking • Securities
Hover over the above
terms for definitions.

The Federal Insurance Office (FIO) is an agency within the United States Department of the Treasury. The agency was established by Title V of the Dodd-Frank Act to provide advice and expertise to the treasury department and other federal agencies. The FIO monitors the insurance sector, which encompasses home and auto insurance firms (but excludes health insurance companies), serves as an advisory member of the Financial Stability Oversight Council, advises the treasury secretary on insurance matters, and provides expertise and advice to other federal agencies. In its capacity as an advisory body, the FIO can require insurance companies to submit data not already available publicly.[1]

HIGHLIGHTS
  • The Federal Insurance Office is tasked with monitoring the nation's insurance market and advising the Secretary of the Treasury on insurance matters.
  • The FIO was established by Title V of the Dodd-Frank Act. The FIO does not have regulatory or supervisory authority; instead, the agency serves in an advisory capacity. Insurance is generally regulated by state agencies.
  • The head of the FIO is a director appointed by the Secretary of the Treasury.

    • Background

    Administrative State
    Administrative State Icon Gold.png
    Read more about the administrative state on Ballotpedia.

    Dodd-Frank Wall Street Reform and Consumer Protection Act

    See also:Dodd-Frank Act

    Adopted in 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act (more commonly known as the Dodd-Frank Act) was intended "to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end 'too big to fail,' to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes." According to the United States House of Representatives Financial Services Committee, the Dodd-Frank Act created 400 new financial regulations. Additionally, the act created four new federal agencies: the Consumer Financial Protection Bureau (CFPB), the Office of Financial Research (OFR), the Federal Insurance Office (FIO), and the Financial Stability Oversight Council (FSOC). Supporters of the act argued that increased regulation of financial markets was necessary in order to protect consumers and minimize risk to the broader economy. Opponents, however, argued that the rules in the act would not mitigate financial risk and have challenged the constitutionality of the act.[2][3][4]

    Organization

    The FIO is part of the Treasury Department’s Office of Domestic Finance. The FIO is headed by a director, a position appointed directly by the Secretary of the Treasury. In addition to managing the agency, the director serves as a non-voting member of the Financial Stability Oversight Council (FSOC).[5] The Director of the FIO was Steven Seitz as of February 2024.[6]

    Authority

    The Federal Insurance Office is a part of the U.S. Department of the Treasury.

    The Dodd-Frank Act, passed in 2010, established the FIO and granted it the authority to monitor the insurance sector. The FIO is not a regulatory body; consequently, it does not have the power to regulate the insurance industry or supervise individual insurance companies. The insurance sector is typically regulated by state agencies. According to the treasury department, the FIO is specifically authorized to monitor the insurance industry to identify issues that may require regulation, to require an insurer to submit data to the FIO if such data is not already available to the public, and to make recommendations to the Financial Stability Oversight Council with regards to regulation. The FIO's authority does not extend to health insurance, long-term care insurance, and crop insurance.[7][8]

    The FIO is required to submit annual reports to the United States Congress regarding the state of the insurance industry. The annual FIO reports, as well as supplementary reports, are available here.[8][9]

    See also

    External links

    Footnotes

    1. ↑ United States Department of the Treasury, "Federal Insurance Office," June 12, 2013
    2. ↑ Wall Street Journal, "Firms Challenge Dodd-Frank Legislation in Appeals Court," November 19, 2014
    3. ↑ Dodd-Frank Update, "Dodd-Frank Summary," accessed September 8, 2016
    4. ↑ Government Publishing Office, "HR 4137," January 5, 2010
    5. ↑ United States Department of the Treasury, "Federal Insurance Office Created Under the Dodd-Frank Wall Street Reform and Consumer Protection Act: Frequently Asked Questions," December 2010
    6. ↑ United States Department of the Treasury, "Remarks by Assistant Secretary Graham Steele at the Federal Insurance Office and NYU Stern Volatility and Risk Institute Conference on Catastrophic Cyber RIsk and a Potential Federal Insurance Response," November 17, 2023
    7. ↑ United States Department of the Treasury, "About FIO," June 12, 2013
    8. ↑ 8.0 8.1 National Association of Insurance Commissioners, "Federal Insurance Office," accessed November 15, 2016
    9. ↑ U.S. Department of the Treasury, "Reports and Notices," accessed November 16, 2016
    v • e
    The Administrative State
    MainThe Administrative State Project Badge.png
    Pillars
    Reporting
    Laws
    Administrative Procedure Act • Antiquities Act • Civil Service Reform Act • Clayton Antitrust Act • Communications Act of 1934 • Congressional Review Act • Electronic Freedom of Information Act • Federal Food, Drug, and Cosmetic Act of 1938 • Federal Housekeeping Statute • Federal Reserve Act • Federal Trade Commission Act of 1914 • Freedom of Information Act • Government in the Sunshine Act • Independent Offices Appropriations Act of 1952 • Information Quality Act • Interstate Commerce Act • National Labor Relations Act • Paperwork Reduction Act • Pendleton Act • Privacy Act of 1974 • Regulatory Flexibility Act • REINS Act • REINS Act (Wisconsin) • Securities Act of 1933 • Securities Exchange Act of 1934 • Sherman Antitrust Act • Small Business Regulatory Enforcement Fairness Act • Truth in Regulating Act • Unfunded Mandates Reform Act
    Cases
    Abbott Laboratories v. Gardner • A.L.A. Schechter Poultry Corp. v. United States • Association of Data Processing Service Organizations v. Camp • Auer v. Robbins • Chevron v. Natural Resources Defense Council • Citizens to Preserve Overton Park v. Volpe • Federal Trade Commission (FTC) v. Standard Oil Company of California • Field v. Clark • Food and Drug Administration v. Brown and Williamson Tobacco Corporation • Humphrey's Executor v. United States • Immigration and Naturalization Service (INS) v. Chadha • J.W. Hampton Jr. & Company v. United States • Lucia v. SEC • Marshall v. Barlow's • Massachusetts v. Environmental Protection Agency • Mistretta v. United States • National Federation of Independent Business (NFIB) v. Sebelius • National Labor Relations Board v. Noel Canning Company • National Labor Relations Board v. Sears, Roebuck & Co. • Panama Refining Co. v. Ryan • Securities and Exchange Commission v. Chenery Corporation • Skidmore v. Swift & Co. • United States v. Lopez • United States v. Western Pacific Railroad Co. • Universal Camera Corporation v. National Labor Relations Board • Vermont Yankee Nuclear Power Corp. v. Natural Resources Defense Council • Wayman v. Southard • Weyerhaeuser Company v. United States Fish and Wildlife Service • Whitman v. American Trucking Associations • Wickard v. Filburn • Wiener v. United States
    Terms
    Adjudication (administrative state) • Administrative judge • Administrative law • Administrative law judge • Administrative state • Arbitrary-or-capricious test • Auer deference • Barrier to entry • Bootleggers and Baptists • Chevron deference (doctrine) • Civil servant • Civil service • Code of Federal Regulations • Codify (administrative state) • Comment period • Compliance costs • Congressional Record • Coordination (administrative state) • Deference (administrative state) • Direct and indirect costs (administrative state) • Enabling statute • Ex parte communication (administrative state) • Executive agency • Federal law • Federal Register • Federalism • Final rule • Formal rulemaking • Formalism (law) • Functionalism (law) • Guidance (administrative state) • Hybrid rulemaking • Incorporation by reference • Independent federal agency • Informal rulemaking • Joint resolution of disapproval (administrative state) • Major rule • Negotiated rulemaking • Nondelegation doctrine • OIRA prompt letter • Organic statute • Pragmatism (law) • Precautionary principle • Promulgate • Proposed rule • Publication rulemaking • Regulatory budget • Regulatory capture • Regulatory dark matter • Regulatory impact analysis • Regulatory policy officer • Regulatory reform officer • Regulatory review • Rent seeking • Retrospective regulatory review • Risk assessment (administrative state) • Rulemaking • Separation of powers • Significant regulatory action • Skidmore deference • Statutory authority • Substantive law and procedural law • Sue and settle • Sunset provision • Unified Agenda of Federal Regulatory and Deregulatory Actions • United States Code • United States Statutes at Large
    Bibliography
    Agencies
    v • e
    Ballotpedia
    About
    Editorial Content
    Geoff Pallay, Director of Editorial Content and Editor-in-Chief • Ken Carbullido, Vice President of Election Product and Technology Strategy • Norm Leahy, Senior Editor • Daniel Anderson, Managing Editor • Ryan Byrne, Managing Editor • Cory Eucalitto, Managing Editor • Mandy Gillip, Managing Editor • Doug Kronaizl, Local Elections Project Manager • Jaclyn Beran • Marielle Bricker • Joseph Brusgard • Emma Burlingame • Kelly Coyle • Thomas Ellis • Frank Festa • Nicole Fisher • Brianna Hosea • Joseph Greaney • Thomas Grobben • Jaime Healy-Plotkin • Tyler King • Glorie Martinez • Nathan Maxwell • Ellie Mikus • Jackie Mitchell • Ellen Morrissey • Mackenzie Murphy • Kaley Platek • Samantha Post • Adam Powell • Ethan Rice • Spencer Richardson • Victoria Rose • Briana Ryan • Myj Saintyl • Maddy Salucka • Maddie Sinclair Johnson • Abbey Smith • Alexis Thacker • Janie Valentine • Joel Williams • Samuel Wonacott • Trenton Woodcox
    Retrieved from "https://ballotpedia.org/wiki/index.php?title=Federal_Insurance_Office&oldid=9381361"