FSOC's Proposed Change to Non-Bank Designation Guidance

Statement from NAIC President and FSOC Member Eric Cioppa, Superintendent, Maine Bureau of Insurance

"I'm pleased with the announcement of FSOC today. I am generally supportive of this proposal and look forward to the reactions of my insurance regulator colleagues. The most appropriate approach to addressing risks to financial stability is for FSOC to work in conjunction with existing regulators to identify those risks, especially in the non-bank sectors. Mitigation is best handled by the regulators with authorities to address them in the first instance."