In the aftermath of the recent financial crisis, Congress created the Federal Insurance Office (FIO) to ensure it had information about the insurance industry. To understand what the FIO means to the insurance industry, it is essential to understand what it is and what it is not.

Executive Summary

While the Federal Insurance Office has the potential to significantly influence the way insurance is regulated, the FIO's actual authority is limited at the moment, according to Nelson Levine de Luca & Hamilton's Michael Nelson and Lawrence Mirel.

There are several common questions about the FIO. Among those questions is whether the FIO is the proverbial “camel’s nose under the tent” that will eventually lead to federal supervision. Another is whether the FIO will take a broad view of its mandate and seek to replace, or at least limit, the authority of the states over the insurance industry.

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