What is 'Federal Insurance Office - FIO'

The Federal Insurance Office (FIO) advises the United States Treasury Department and other agencies within the federal government on insurance matters.

BREAKING DOWN 'Federal Insurance Office - FIO'

The Federal Insurance Office was created in 2010, and born out of Title V of the Federal Dodd-Frank Wall Street Reform and Consumer Protection Act. The director of the FIO is appointed by the secretary of the Treasury. The FIO works closely with the National Association of Insurance Commissioners (NAIC). The department has no regulatory authority and serves purely in an advisory capacity.

The FIO monitors insurance markets; this includes keeping a close watch on any changes or red flags that could indicate a possibility for catastrophic developments in the financial markets at both a national and state level. In addition to protecting the financial sector, the FIO is tasked with making sure that affordable insurance products are made available to everyone who wishes to obtain them. This includes communities and populations that may normally be overlooked. The FIO reports its findings and any concerns to the United States Congress through both annual and one-time reporting.

The FIO advises on all forms of insurance except for health insurance and long-term care insurance, except in the event that the long-term care insurance is issued as part of an annuity or life insurance policy.

What is the United States Treasury Department

Established in 1789 by the first Congress of the United States, the U.S. Treasury Department is responsible for currency and bonds. It also oversees several different departments, including the Internal Revenue Service (IRS), the secret service and many others. The main goal of the Treasury Department is ensuring both stability and growth in the nation's economics. The responsibility of the Treasury extends beyond American soil as well. The Treasury is also responsible for creating sanctions against other nations as they impact the free markets or threaten national security.

The Treasury Department is overseen by the Treasury Secretary, who is appointed by the President. Alexander Hamilton was the first Secretary of the Treasury Department and was appointed by George Washington on the advice of Robert Morris.

While the responsibilities of the Treasury Department have changed dramatically since the days that Alexander Hamilton was in charge, the importance of the office has not. Although the income tax is no longer being collected to fund the Civil War, the department still oversees the collection of taxes through the Internal Revenue Service, the nation's authority on taxation. 
 

RELATED TERMS
  1. Treasury Secretary

    The Treasury secretary is the head of the U.S. Department of ...
  2. Treasury Direct

    Treasury Direct is the online platform through which investors ...
  3. Treasury Index

    The Treasury index is based on the U.S. Treasury's daily yield ...
  4. Treasury Offering

    A treasury offering is the issuance of an additional class of ...
  5. Admitted Company

    Admitted Company is an insurance company that is domiciled in ...
  6. Unauthorized Insurer

    An unauthorized insurer is a company that poses as an authorized ...
Related Articles
  1. Investing

    The Treasury and the Federal Reserve

    Find out how these two agencies create policies to manage the economy and keep it on an even keel.
  2. Insights

    What Are the Duties of the Treasury Secretary?

    The Secretary of the Treasury is one of the most powerful positions in the U.S. federal government.
  3. Insurance

    The History of Insurance in America

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

    How To Buy Long-Term Care Insurance Cheaply

    Consumers looking for long-term care insurance shouldn't have to pay full price. Despite the sometimes-hefty costs, there are ways to save on premiums.
  5. Insurance

    4 Things That Keep You From Getting Life Insurance

    We look at four common reasons people give for not applying for life insurance, and see if they're legitimate.
  6. Insurance

    Insurance Companies Vs. Banks: Separate And Not Equal

    Insurance companies and banks are both financial intermediaries. However, they don't always face the same risks and are regulated by different authorities.
  7. Financial Advisor

    Buying a Life Insurance Policy? Read This First

    Knowing who needs life insurance, how it works and the different types of insurance can help consumers make informed decisions about this product.
  8. Insurance

    Do You Need Casualty Insurance?

    Find out how different types of coverages can protect you and which policy is right for you.
RELATED FAQS
  1. Can your insurance company cancel your policy without notice?

    Learn about your rights as an insured when it comes to your insurance policy being canceled, including how to access your ... Read Answer >>
Hot Definitions
  1. Portfolio

    A portfolio is a grouping of financial assets such as stocks, bonds and cash equivalents, also their mutual, exchange-traded ...
  2. Gross Profit

    Gross profit is the profit a company makes after deducting the costs of making and selling its products, or the costs of ...
  3. Diversification

    Diversification is the strategy of investing in a variety of securities in order to lower the risk involved with putting ...
  4. Intrinsic Value

    Intrinsic value is the perceived or calculated value of a company, including tangible and intangible factors, and may differ ...
  5. Current Assets

    Current assets is a balance sheet item that represents the value of all assets that can reasonably expected to be converted ...
  6. Volatility

    Volatility measures how much the price of a security, derivative, or index fluctuates.
Trading Center