You are here:HomeIssuesProtecting State Insurance Regulation 2011Rep. Biggert: FSOC Trying to "Steamroll" Insurance, Huff Is Under "Gag Order"

Rep. Biggert: FSOC Trying to "Steamroll" Insurance, Huff Is Under "Gag Order"

House Financial Services Subcommittee on Insurance, Housing, and Community Opportunity Chairman Judy Biggert (R-Ill.) warns that the Financial Stability Oversight Council (FSOC) is moving to...
March 22, 2011

House Financial Services Subcommittee on Insurance, Housing, and Community Opportunity Chairman Judy Biggert (R-Ill.) warns that the Financial Stability Oversight Council (FSOC) is moving to "steamroll ahead" with making determinations about the insurance industry and systemic risk, without transparent deliberations, and without the participation of insurance experts.

Biggert says U.S. Treasury Secretary Tim Geithner was "not reassuring" when he said the appointment of an industry expert to the FSOC as a voting member is coming as is the appointment of a director of the also-new Federal Insurance Office, who would be an ex officio member. She also criticized the restrictions on Missouri Insurance Director John Huff, who was chosen as an FSOC representative by the National Association of Insurance Commissioners (NAIC). "I've heard that his hands are tied," Biggert said. "He's under a gag order."

NAIC President and Iowa Insurance Commissioner Susan Voss has said the Treasury Department has taken the position that Huff only represents Missouri and has blocked him from sharing essential and confidential information with other state insurance regulators. "I don't believe we have transparency," Voss said. NAIC leaders have accused federal officials of deliberately shutting out the voices of state insurance regulators.

Read the entire article of Risk Panel "Steamrolls" Without Insurance Input (BestWire 3/16/11)