It is most likely that a component in the FP-AI-110 has failed (or been damaged) and the module is not successfully passing the self diagnostic program. To be absolutely certain that the module has failed, try inserting the FP-AI-110 into a different terminal base and make sure the flashing Power/Ready LED's still occur in other terminal bases. You will have to contact National Instruments to arrange an RMA of the module (for repair).
Regards,
Aaron