Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA)
Definition - What does Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) mean?
The Federal Deposit Insurance Corporation Improvement Act (FDICIA) is a law passed on December 19, 1991 to grant more powers to the Federal Deposit Insurance Corporation (FDIC). The main objectives of FDICIA are to require the least costly resolutions of insured depository institutions, improve the supervision and examination of insurance businesses, and grant additional resources to the Bank Insurance Fund.
Insuranceopedia explains Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA)
The FDICIA strengthened the powers of the FDIC by allowing it to borrow from the Treasury department directly and resolve banking issues using the most inexpensive methods. This legislation also empowered the FDIC to oversee insurance companies through improved supervision, examination, and assessment of insurance premiums as well as the creation of new required capital among insurance companies.
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