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NAIC Responds to MetLife Designation by FSOC
Monica Lindeen, NAIC President-Elect and Montana Insurance Commissioner
Monica J. Lindeen
NAIC President-Elect and State Auditor Montana Office of the Commissioner of Securities & Insurance Monica J. Lindeen
NAIC President-Elect and State Auditor Montana Office of the Commissioner of Securities & Insurance

We are concerned by the actions of the Financial Stability Oversight Council in their designations of insurance companies as systemically important. They have shown a continued lack of understanding of insurance business operations and existing regulatory oversight. It is not clear to the regulators what specific activities triggered the designation, nor what steps must be taken by designated companies such as MetLife and Prudential to have the designation removed. I would like to thank Commissioner Hamm, and his predecessor Director Huff, for their service as the insurance regulator representative on FSOC. We applaud their willingness to serve as the voice of state insurance regulators.

ALSO SEE:

FSOC DISSENT: NAIC President, FSOC Designate and North Dakota Insurance Commissioner Adam Hamm

FSOC DISSENT: FSOC's Independent Member Having Insurance Expertise S. Roy Woodall, Jr.

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NAIC Responds to MetLife Designation by FSOC
Statement from Senator Ben Nelson, NAIC CEO
Sen. Ben Nelson, NAIC Chief Executive OfficerSen. Ben Nelson
NAIC Chief Executive Officer

The Financial Stability Oversight Council’s action regarding MetLife is particularly troubling amid concerns from Congress, the Government Accountability Office (GAO) and others regarding the process and rationale for designation of non-bank financial companies. It is still unclear what specific activities triggered the designation, calling into question our confidence in the process and whether it is appropriately designed to reduce risks to financial stability. We look forward to reviewing the publicly available documents regarding this designation – including the comments of those with insurance expertise - to determine how the NAIC will respond.

ALSO SEE:

FSOC DISSENT: NAIC President, FSOC Designate and North Dakota Insurance Commissioner Adam Hamm

FSOC DISSENT: FSOC's Independent Member Having Insurance Expertise S. Roy Woodall, Jr.

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NOTICE: Governance Review Consultant Selected

The National Association of Insurance Commissioners (NAIC) has chosen a consulting firm to perform a review of NAIC governance practices and potentially make appropriate recommendations consistent with best practices for comparable organizations.  The National Association of Corporate Directors (NACD) was selected for this engagement by the Executive Committee.  The NACD is a 501(C) (3) non-profit with more than 35 years of experience and is a recognized authority focused on advancing exemplary board leadership and establishing leading boardroom practices. The project will begin in early 2015 and will be coordinated by the NAIC Governance Review Task Force.

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Statement: Response to TRIA Expiration
Adam Hamm, NAIC President and North Dakota Insurance Commissioner
Adam Hamm 
NAIC President and North Dakota Insurance CommissionerAdam Hamm
NAIC President and North Dakota Insurance Commissioner

We are surprised and deeply disappointed that Congress was unable to pass a reauthorization of the Terrorism Risk Insurance Act – a non-partisan issue with broad support in both parties and chambers – before they adjourned for the year. The NAIC will work with insurers, policyholders, and the business community during this time of uncertainty in the market, as American businesses will have to make tough decisions regarding coverage. We hope that this disruption will be short-lived and urge the new Congress to act quickly to reinstate this critical program.

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