Federal Insurance Office - FIO

DEFINITION of 'Federal Insurance Office - FIO'

A federal-level national office proposed by the Obama administration to address critical gaps in insurance regulation in 2009. The Federal Insurance Office (FIO) would be housed under the U.S. Treasury Department. It would not have regulatory authority, but it would monitor the industry and coordinate industry policy. The FIO's initial goals would be to expand federal level knowledge of state-related insurance regulation issues and challenges for state regulators when representing the U.S. in multinational legal affairs.

BREAKING DOWN 'Federal Insurance Office - FIO'

The suggestion of a federal office on insurance was spurred on in part by the financial markets meltdown of 2007 and 2008. The failure of insurance behemoth AIG has been cited as a contributing factor to the financial crisis.

RELATED TERMS
  1. Early Warning Tests

    A series of financial ratios and other performance criteria used ...
  2. Assigned Risk

    A risk that an insurance company is required to provide coverage ...
  3. Personal Lines Insurance

    Property and casualty insurance products for individuals that ...
  4. Insurance Premium

    The amount of money that an individual or business must pay for ...
  5. Cumis Counsel

    Legal counsel chosen by the insured when the insurer has a conflict ...
  6. Surplus Lines Insurance

    A policy that protects against a financial risk that is too high ...
Related Articles
  1. Chart Advisor

    Individual Stocks Continue To Improve

    Individual stocks are starting to carry the indexes higher.
  2. Home & Auto

    The History Of Insurance In America

    Insurance was a latecomer to the American landscape, largely due to the country's unknown risks.
  3. Insurance

    What Happens If Your Insurance Company Goes Bankrupt?

    When insurance companies go bankrupt or face financial difficulty, it's bad news for policy holders.
  4. Insurance

    Understanding Your Insurance Contract

    Learn how to read one of the most important documents you own.
  5. Home & Auto

    Intro To Insurance: Fundamentals Of Insurance

    By Cathy ParetoHow does insurance work? Insurance works by pooling risk.What does this mean? It simply means that a large group of people who want to insure against a particular loss pay their ...
  6. Home & Auto

    Bundle Your Insurance For Big Savings

    Bundling your insurance can save you money and time. Read on to see how get the most out of multiline insurance discounts.
  7. Insurance

    Explaining Insurance

    Insurance is a form of contract between an individual and an insurance company that spreads risk in exchange for premium payments.
  8. Home & Auto

    Introduction To Insurance

    Having the right kind of insurance is a critical component of any good financial plan.
  9. Home & Auto

    Intro To Insurance: Conclusion

    By Cathy ParetoInsurance is an integral part of any personal financial plan. The type of insurance and the amount of coverage you obtain all depends on your unique financial and family circumstances, ...
  10. Economics

    How Big Data Has Changed Insurance

    No longer confined to technology, big data has become integral to providing solutions to the insurance industry's long standing challenges.
RELATED FAQS
  1. What is the average return on total revenue for the insurance sector?

    Learn about the three main segments of the insurance industry, and find out what the average return on revenues is for the ... Read Answer >>
  2. What are examples of the largest companies in the insurance sector?

    Read about some of the largest and most influential companies in the insurance sector, a list that includes Berkshire Hathaway ... Read Answer >>
  3. In what ways does government regulation impact the insurance sector?

    See how government regulation of the insurance sector leads to higher prices, more risk and a system where the consumer has ... Read Answer >>
  4. What is the usual profit margin for a company in the insurance sector?

    Learn what the average profit margin is within the insurance industry, and what factors can affect the profitability of an ... Read Answer >>
  5. What are some examples of when insurance bundling is a bad idea?

    Learn about situations where insurance bundling may not be a favorable option. Bundling insurance is often a good idea, but ... Read Answer >>
  6. What demographic trends are creating potential profits for insurance companies?

    Discover the ways in which insurance companies can profit from demographic trends. Two major ones are aging populations and ... Read Answer >>
Hot Definitions
  1. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
  2. Over-The-Counter - OTC

    Over-The-Counter (or OTC) is a security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, ...
  3. Quarter - Q1, Q2, Q3, Q4

    A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
  4. Weighted Average Cost Of Capital - WACC

    Weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is ...
  5. Basis Point (BPS)

    A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly ...
  6. Sharing Economy

    An economic model in which individuals are able to borrow or rent assets owned by someone else.
Trading Center