You are here:HomeIssuesProtecting State Insurance Regulation 2011Lawmakers Say Insurance Slots Should Be Filled on FSOC

Lawmakers Say Insurance Slots Should Be Filled on FSOC

House Financial Services Committee Chairman Spencer Bachus (R-Ala.) and Ranking Member Barney Frank (D-Mass.) are among the lawmakers who have joined with insurers in calling...
February 15, 2011

House Financial Services Committee Chairman Spencer Bachus (R-Ala.) and Ranking Member Barney Frank (D-Mass.) are among the lawmakers who have joined with insurers in calling for an insurance expert to be appointed to Financial Stability Oversight Council. Insurers say that without proper representation on the council - which was created to identify systemic risks to the industry - insurers could be saddled with unnecessary regulations. The board also has a vacant nonvoting spot reserved for the chief of the Federal Insurance Office.

"The legislative intent in providing for these expert perspectives was to ensure that the Council has a full and thorough understanding of the insurance sector and its current regulatory regime prior to moving forward with any significant actions that could impact the business of insurance," Bachus and Frank wrote in a February 10 letter obtained by Reuters. Republican Judy Biggert and Democrat Luis Gutierrez, the leaders of the panel's Insurance, Housing and Community subcommittee, also signed the letter.

Click here to read Hill Leaders Want Insurance Slots Filled (Reuters 2/14/11)