Insurers await modernization report; consumers wonder what FIO is – 3
The insurance industry is one of the most highly regulated industries in the country. As a result, insurers did not warmly embrace the idea of the Federal Insurance Office, created under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The federal government had to make it clear that the FIO would not be another regulator and would have only limited powers to affect an insurance company’s operations.