FIO Report Flashcards
Who receives this report?
o The President
o Committee on Financial Services of the House of Representatives
o Committee on Banking, Housing, and Urban Affairs of the Senate
What is contained within the report?
(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
Key responsibilities of the FIO
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
Reporting obligations of the FIO
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