NAIC CEO Reacts to AIG Designation as Systemic
State Insurance Regulator Comments Regarding FSOC Proposed Rule and Guidance (12/15/11 - Provided to Director John Huff, State Insurance Commissioner Representative to the Financial Stability Oversight Council)
Testimony Before the House Subcommittee on Oversight & Investigations Committee on Financial Services regarding 'Oversight of the Financial Stability Oversight Council' (4/14/11 - John M. Huff, Director, State of Missouri Department of Insurance, Financial Institutions and Professional Registration)
NAIC Letter to U.S. Department of the Treasury Secretary Timothy Geithner Regarding the Financial Stability Oversight Council (2/9/11 - NAIC Officers and John M. Huff, FSOC Member and Director of the Missouri Department of Insurance, Financial Institutions & Professional Registration)
NAIC Letter to the President on the Financial Stability Oversight Council
NAIC Letter to U.S. House Committee on Financial Services and U.S. Senate Committee on Banking, Housing and Urban Affairs regarding Conference on Financial Regulatory Reform Legislation
Dodd-Frank Financial Services Regulatory Reform: NAIC Initiatives
Title I of the Dodd-Frank Wall Street Protection and Consumer Protection Act created the Financial Stability Oversight Council (FSOC) to monitor the safety and stability of the nation’s financial system, identify risks to the system, and coordinating response to any threats. FSOC 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.
Those identified entities, utilities, and activities are subject to more stringent regulatory standards under the Federal Reserve Board of Governors. The council also facilitates coordination and information-sharing among member agencies, departments and functional regulators.
Jon Godfread, North Dakota Insurance Commissioner, is the designated state insurance commissioner serving on the FSOC. He represents the interests of the nation’s state insurance regulators, providing critical insurance regulatory expertise.
FSOC is composed of 10 voting members:
FSOC also has five non-voting members: