The Federal Insurance Office (FIO) was created as part of the Dodd-Frank bill. The FIO is part of the Treasury Department. The description on the US Treasury website describes the FIO as:
Wikipedia – Francis Hopkinson.
The Office monitors all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system. The Office coordinates and develops Federal policy on prudential aspects of international insurance matters, including representing the United States in the International Association of Insurance Supervisors. The Office assists the Secretary in negotiating (with the United States Trade Representative) certain international agreements.
The Office monitors access to affordable insurance by traditionally underserved communities and consumers, minorities, and low- and moderate-income persons. The Office also assists the Secretary in administering the Terrorism Risk Insurance Program.
The Federal Insurance Office is not a regulator or supervisor. Insurance is primarily regulated by the individual States.
Wikipedia – Beyond My Ken
The FIO has just released an annual report (six months late) on the State of Insurance in the US and abroad. The report has no surprises in it. One of the post-article commenters in one of the comment sections has asked if this was the same as what AM Best does for the industry.
Reading through the 51-page report was quite a task. There is nothing like insurance numbers in creating a yawn. Quite a large amount of the Executive Summary centered on the creation and justification of the FIO.
The FIO report kept referencing the SNL report. The FIO basically borrowed the numbers from a private institution SNL Financial. In fact, most of the charts came from SNL.
The Executive Summary has many acronyms in it for new groups that will enhance insurance regulation. The main point in the Executive Summary is low-interest rates have prevented insurance carriers from making a profit on investments. Therefore, the other avenue for carriers to make a profit is by underwriting gains also known as premium increases.
The earlier mentioned commenter was very accurate in their assessment. AM Best already covers this ground, so is the insurance analysis wheel being reinvented?
Catastrophic Workers Comp Claims – Ghosted Parts Mark Walls of Safety National Insurance and the Workers Comp Analysis Group on LinkedIn posted quite interesting articles
Reopened Workers Compensation Claims Conundrum I have not covered reopened workers compensation claims articles for many years. This type of claim exists on almost all
Healthcare Industry Workers Comp Results – WCIRB Report and Webinar The Healthcare Industry Workers Comp results for the pandemic were amazing, yet not that surprising.
Workers Comp Physical Medicine Extended Treatment – National Study – WCRI WCRI’s (Workers Comp Research Institute) recent study and report on workers comp physical medicine
Workers Comp Takes Another Step Toward Federalization All Workers Comp takes another step towards being a federalized. Check out the Want Ad for the Federal
The New Federal Insurance Office (FIO) The new Federal Insurance Office for Workers Comp was commenced by a financial reform package. The Workers Compensation and other
James founded a Workers’ Compensation consulting firm, J&L Risk Management Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.
James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.
James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.
LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.
James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.
He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.
James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:
Risk and Insurance Management Society (RIMS)
Entrepreneur Magazine
Bloomberg Business News
WorkCompCentral.com
Claims Magazine
Risk & Insurance Magazine
Insurance Journal
Workers Compensation.com
LinkedIn, Twitter, Facebook and other social media sites
Home » Federal Government » Federal Insurance Office » Federal Insurance Office (FIO) Report Looks Familiar
Federal Insurance Office (FIO) Report Looks Familiar
Federal Insurance Office
The Federal Insurance Office (FIO) was created as part of the Dodd-Frank bill. The FIO is part of the Treasury Department. The description on the US Treasury website describes the FIO as:
The Office monitors all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system.
The Office coordinates and develops Federal policy on prudential aspects of international insurance matters, including representing the United States in the International Association of Insurance Supervisors. The Office assists the Secretary in negotiating (with the United States Trade Representative) certain international agreements.
The Office monitors access to affordable insurance by traditionally underserved communities and consumers, minorities, and low- and moderate-income persons. The Office also assists the Secretary in administering the Terrorism Risk Insurance Program.
The Federal Insurance Office is not a regulator or supervisor. Insurance is primarily regulated by the individual States.
The FIO has just released an annual report (six months late) on the State of Insurance in the US and abroad. The report has no surprises in it. One of the post-article commenters in one of the comment sections has asked if this was the same as what AM Best does for the industry.
Reading through the 51-page report was quite a task. There is nothing like insurance numbers in creating a yawn. Quite a large amount of the Executive Summary centered on the creation and justification of the FIO.
The FIO report kept referencing the SNL report. The FIO basically borrowed the numbers from a private institution SNL Financial. In fact, most of the charts came from SNL.
The Executive Summary has many acronyms in it for new groups that will enhance insurance regulation. The main point in the Executive Summary is low-interest rates have prevented insurance carriers from making a profit on investments. Therefore, the other avenue for carriers to make a profit is by underwriting gains also known as premium increases.
The earlier mentioned commenter was very accurate in their assessment. AM Best already covers this ground, so is the insurance analysis wheel being reinvented?
©J&L Risk Management Inc Copyright Notice
Premium Audit Process Will Never Be The Same – Pandemic Effect
Workers Comp Premium Audit Process Changed Forever Oh no – another pandemic effect article. Yes, we have seen too many over the last 36 months.
Workers Comp Medical Authorizations – Too Slow?
Workers Comp Medical Authorizations – Adjusters’ Bane Part 2 One of the tasks that claim departments have struggled with over the years starts with a
Catastrophic Workers Comp Claims – Huge Hidden Effect
Catastrophic Workers Comp Claims – Ghosted Parts Mark Walls of Safety National Insurance and the Workers Comp Analysis Group on LinkedIn posted quite interesting articles
Reopened Workers Compensation Claims – Watch Them Closely
Reopened Workers Compensation Claims Conundrum I have not covered reopened workers compensation claims articles for many years. This type of claim exists on almost all
Healthcare Industry Workers Comp Claims Amazing CA Numbers
Healthcare Industry Workers Comp Results – WCIRB Report and Webinar The Healthcare Industry Workers Comp results for the pandemic were amazing, yet not that surprising.
Workers Comp Physical Medicine – Adjusters’ Bane – WCRI Report
Workers Comp Physical Medicine Extended Treatment – National Study – WCRI WCRI’s (Workers Comp Research Institute) recent study and report on workers comp physical medicine
More Articles...
Related...
FIO – Federal Insurance Office – Workers Comp Federalization
FIO – Federal Insurance Office – Shocker I read an article in a few of the major news outlets that somewhat shocked me. The shock
Federalization Of Workers Comp Takes Another Step
Workers Comp Takes Another Step Toward Federalization All Workers Comp takes another step towards being a federalized. Check out the Want Ad for the Federal
Federal Insurance Office (FIO) May Have Effect on Workers Compensation
The New Federal Insurance Office (FIO) The new Federal Insurance Office for Workers Comp was commenced by a financial reform package. The Workers Compensation and other
James Moore
Raleigh, NC, United States
About The Author...
James founded a Workers’ Compensation consulting firm, J&L Risk Management Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.
James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.
James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.
LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.
James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.
He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.
James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites: