FIO Report

Question 1

Who receives this report?

Answer 1

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

Question 2

What is contained within the report?

Answer 2

(DOODAS)

• D iscussion and analysis of the industry’s fin performance
• O verview of FIOs statutory responsibilities
• O utlook for domestic and international insurance markets
• D evelopments in relevant emerging issues
• A nticipated area’s focus for the following year
• S ummary of key activities

Question 3

Key responsibilities of the FIO

Answer 3

o Advise Secretary of Treasury on major domestic & prudential international issues
o Monitor all aspects of industry (gaps in regulation that could contribute to crisis)
o Ensure underserved communities have affordable access to insurance (not health)
o Recommend to FSOC to designate an insurer
o Helps treasury administer TRIA
o Develop federal policy on prudential aspects of international affairs
o Represents the U.S in international affairs (IAIS)
o Consult with the states on insurance matters
o Miscellaneous duties assigned by the Secretary
o Coordinates with Federal Reserve to stress test for nonbank financial companies
o Collects data and insurance information – analyzes and disseminates

Question 4

Reporting obligations of the FIO

Answer 4

o Annual report to Congress on efforts with respect to global insurance regulation
o Also report efforts to increase transparency at IAIS meetings
o Before adopting any international standard, NAIC / FIO Director / Secretary must
complete a study and submit a report to Congress relevant to consumers and U.S
Markets