3/25/2015 - NAIC Submits Testimony on FSOC Nonbanks Designations Process
Today the NAIC submitted testimony to the U.S. Senate Committee on Banking, Housing and Urban Affairs. The letter outlined regulators’ concerns with the Financial Stability Council’s (FSOC) process for designating nonbank financial firms as systemically important financial institutions. The NAIC raised concerns regarding FSOC’s understanding of insurance and its regulation, the failure of FSOC to provide an “exit ramp” for designation that would reduce risks to the financial system, and the lack of involvement of state insurance regulators in FSOC deliberations.
Click here to read the testimony.