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.

  1. Subprime Meltdown

    The sharp increase in high-risk mortgages that went into default ...
  2. Primary Regulator

    The state or federal regulatory agency that is the primary supervising ...
  3. National Association of Insurance ...

    A nationwide organization whose main responsibility is to protect ...
  4. Self-Regulatory Organization - ...

    A non-governmental organization that has the power to create ...
  5. Insurance

    A contract (policy) in which an individual or entity receives ...
  6. Indemnity

    Indemnity is compensation for damages or loss. Indemnity in the ...
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  1. Does renters insurance cover personal injuries?

    Renters insurance provides two main forms of coverage – liability and contents insurance – and they are offered together ... Read Full Answer >>
  2. Does renters insurance cover jewelry?

    Renters insurance provides personal property coverage that covers your personal property – including jewelry – in case of ... Read Full Answer >>
  3. Why might landlords require renters insurance?

    Landlords can require renters insurance to lower their own liability and insurance costs. According to data from the Insurance ... Read Full Answer >>
  4. What is the expense ratio in the insurance industry?

    The expense ratio in the insurance industry is a measure of profitability calculated by dividing the expenses associated ... Read Full Answer >>
  5. What is the difference between a peril and a hazard?

    The two related terms "peril" and "hazard" are often used in reference to the insurance industry. Essentially, a peril is ... Read Full Answer >>
  6. What level of reserve ratios is typical for an insurance company to protect against ...

    In the United States, and most developed nations, regulators impose required statutory capital reserve ratios on insurance ... Read Full Answer >>

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