Federal Insurance Office (FIO)USACreated on July 22, 2010 under Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the Federal Insurance Office (FIO) is a department within the US Department of the Treasury. The director of the FIO is appointed by the Treasury Secretary and is a non-voting member of the Financial Stability Oversight Council (FSOC). The duties of the FIO include:• Monitoring all aspects of the insurance industry.• Recommending to the FSOC that it designate an insurance company as an entity that should be subject to enhanced prudential standards.• Recommending to the Treasury Secretary (together with the Federal Reserve Board and in consultation with the FDIC) that the FDIC be appointed as a receiver of a failing insurance company.For more information on the FIO and the Dodd-Frank Act generally, see Articles, Summary of the Dodd-Frank Act: Regulatory Structure (www.practicallaw.com/4-502-7974) and Road Map to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (www.practicallaw.com/3-502-8479).
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.