FOR IMMEDIATE RELEASE
Peter Hartt Appointed to Financial Stability Oversight Council
SAN DIEGO (Aug. 29, 2016) —The National Association of Insurance Commissioners (NAIC) has appointed Peter L. Hartt, Director of New Jersey's Insurance Division, to a two-year term as the state insurance commissioner representative on the Financial Stability Oversight Council (FSOC). In this role, Hartt will represent the interests of the nation's state insurance regulators on the council.
"The NAIC and state insurance regulators will be well-served through the selection of Peter," said John M. Huff, NAIC President and Missouri Insurance Director. "His sound judgment and expertise will be a valuable asset to the proceedings of FSOC as they review systemic risk in the financial sector." Huff served as the state insurance commissioner representative on FSOC for two terms.
Hartt will replace North Dakota Insurance Commissioner Adam Hamm when his term expires in September. Hartt's selection was ratified in an NAIC Plenary meeting during the NAIC's Summer 2016 National Meeting.
"I am honored to have been selected by my fellow regulators to represent state-based insurance regulation," said Hartt. "I assume this role with great respect for what Commissioner Hamm and Director Huff accomplished in their terms. I look forward to working with the other financial regulators to promote a stable insurance marketplace and protect the broader financial sector."
"It has been a privilege to represent the insurance regulatory system on FSOC," said Hamm. "Peter has demonstrated leadership on a variety of issues that are important to the work of the council both here in the U.S. and internationally. I am confident he will be a conscientious and effective advocate for state regulation – a system that has served policyholders and the insurance market for 145 years."
FSOC is a 15-member body comprised of the nation's chief financial regulators. The council was created by the Dodd-Frank Wall Street Protection and Consumer Protection Act in 2010 to monitor the safety and stability of the nation's financial system, identify risks to the system and coordinate a response to any threats. The council has the authority to identify financial firms, financial market utilities and systemic payment, clearing or settlement activities whose failure could potentially pose a risk to the financial system.