You are here:HomeNews CenterInsurance News2014NAIC President Hamm Appointed to FSOC

NAIC President Hamm Appointed to FSOC

National Association of Insurance Commissioners President Adam Hamm has been appointed to a two-year term as state insurance commissioner representative on the Financial Stability Oversight Council...
September 25, 2014

National Association of Insurance Commissioners (NAIC) President Adam Hamm has been appointed to a two-year term as state insurance commissioner representative on the Financial Stability Oversight Council (FSOC). The FSOC is a 15-member body made up of the nation's chief financial regulators; it has the power under the Dodd-Frank Act to identify insurers as among the firms whose systemic activity could pose a risk to the entire financial system. The FSOC has designated American International Group Inc. (AIG) and Prudential Financial Inc. as systemically important financial institutions (SIFIs) and most recently issued a preliminary SIFI designation to MetLife Inc.

Hamm, North Dakota's insurance commissioner, succeeds Missouri Insurance Director John Huff, who served two terms on the FSOC and has been the only insurance regulator on the panel so far. "I am confident [Hamm] will be a conscientious and thoughtful advocate for state regulation – a system that has served policyholders and the insurance market exceptionally well," Huff said.

Filed under: