What is the primary regulatory body governing insurance practices at the federal level?

The Federal Insurance Office (FIO) serves as the primary regulatory body at the federal level related to insurance practices. Established by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the FIO was created to monitor the health of the insurance industry, particularly focusing on systemic risk and ensuring financial stability. Its responsibilities include assessing the insurance sector's resilience against economic challenges and providing oversight in the areas of solvency and market conduct. While it does not directly regulate insurance companies, it plays a crucial role in coordinating federal and state relations in insurance regulation.

In contrast, while the National Association of Insurance Commissioners (NAIC) is an important organization within the insurance regulatory framework, it primarily functions as a collective of state regulators rather than a federal body. The Securities and Exchange Commission (SEC) and the Federal Trade Commission (FTC) also have significant regulatory roles, but they are focused on securities markets and trade practices, respectively, and not specifically on insurance as a primary concern.

This highlights the unique mission of the FIO in relation to other entities, placing it at the center of federal oversight for insurance practices.