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Insurance Topics | Federal Insurance Office | NAIC The FIO’s authorities extend to all lines of insurance other than health insurance, long-term care insurance (except that which is included with life or annuity insurance components) and crop insurance, which is governed by the Federal Crop Insurance Act The FIO does not have supervisory or regulatory authority over the business of insurance
Financial Reform FIO 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
The New Federal Insurance Office - National Association of Insurance . . . The FIO is authorized to cover all lines of insurance except health, long-term care, and crop insurance The Dodd-Frank Act outlines several areas where the FIO has certain powers but also contains language constraining some of the potential FIO activities The FIO is not an insurance regulator, as the Dodd-Frank Act contains
May 2025 Eliminate the Federal Insurance Office FIO’s ability to collect confidential supervisory information from insurers duplicates data already gathered by state regulators and undermines the trusted framework that ensures market stability In the international forum, FIO’s role has caused confusion, as it purports to represent the U S in regulatory
NAIC Responds to FIO’s Climate-Related Financial Risk Data Collection . . . The National Association of Insurance Commissioners (NAIC) has sent a letter to the U S Department of the Treasury in response to its Federal Insurance Office’s (FIO) request for comment on a proposed data collection from property and casualty insurers regarding underwriting data on homeowners’ insurance to assess climate-related financial
Property Casualty Insurance Market Intelligence Data Call 2024 Key Dates March 8, 2024 Letter sent to companies June 6, 2024 Data due from companies Insurance regulators have agreed to participate in a property and casualty market intelligence data call to collect data related to homeowners insurance
FIO Climate-Related Financial Risk Data Collection Comments FIO has not clearly defined the purpose and scope of this data, and it would appear to be counter productive to get the data first, and then find a meaning FIO should leverage publicly available data and work with state regulators to better inform a data collection effort to fit its ill-defined purpose
NAIC Announces 2025 Federal Legislative and Regulatory Priorities • Preserving and Respecting States’ Primary Role as Insurance Regulators by Eliminating the Federal Insurance Office (FIO): Ensuring the future success of the U S state-based system of insurance regulation demands constructive coordination with our federal peers and appropriate deference and independence of the regulatory system from
NAIC FIO Meeting on Financial Regulation NAIC FIO Meeting on Financial Regulation (Documents shared with FIO to facilitate discussion are attached) Thursday, December 1, 2011 Time: 9am-1pm NAIC Attendees: Commissioner Kevin McCarty (FL), incoming NAIC President, Director John Huff (MO), State regulator designee to FSOC
NAIC Comment Letter to FIO RFI on the Insurance Sector and Climate . . . RE: FIO Insurance Sector and Climate-Related Financial Risks Dear Director Seitz: We write on behalf of the National Association of Insurance Commissioners (NAIC)1 regarding your Request for Information (RFI) on the insurance sector and climate-related financial risks We appreciate the Federal Insurance Office’s recent focus on these issues