Federal Insurance Office Survives Dodd-Frank Reform

ASA acknowledges U.S. Senate Banking Committee for saving FIO.

The Automotive Service Association (ASA) made the establishment of the Federal Insurance Office (FIO) its top priority during Congress’ consideration of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. Despite significant opposition, FIO did become part of the Dodd-Frank Reform law.

According to the U.S. Department of Treasury, FIO was vested “with the authority to monitor all aspects of the insurance sector, monitor the extent to which traditionally underserved communities and consumers have access to affordable non-health insurance products and to represent the United States on prudential aspects