Dodd-Frank

Question 1

Dodd-Frank Act requires the Federal Insurance Office (FIO) to submit an annual report on the insurance industry to which 3 entities?

Answer 1

• the President
• the Senate Committee on Financial Services of the House of Representatives
• the Senate Committee on Banking, Housing, and Urban Affairs

Question 2

4 main responsibilities of the FIO in the U.S. insurance regulatory framework

Answer 2

AMER
- ANALYZE and report industry data
- MONITOR systemic risks in the insurance industry
- ENSURE insurance accessibility for underserved communities
- REPRESENT the U.S. in international insurance matters

Question 3

How does the FIO contribute to risk assessment in the insurance sector?

Answer 3

• identify potential systemic risks
• coordinates stress-testing with the Federal Reserve

Question 4

How does the FIO influence the regulation of certain insurers in an advisory capacity?

Answer 4

• advise the Secretary of the Treasury in insurance matters
• recommend designations of insurers for the Federal Reserve regulation