30 August 2016Analysis

NAIC appoints state insurance commissioner representative to FSOC

The National Association of Insurance Commissioners (NAIC) has appointed Peter Hartt to a two-year term as the state insurance commissioner representative on the Financial Stability Oversight Council (FSOC), which identifies risks to the nation’s financial system and coordinates a response to any threat.

Hartt, who is the director of New Jersey's insurance division, will represent the interests of the nation's state insurance regulators on the council.

"The NAIC and state insurance regulators will be well-served through the selection of Peter," said John Huff, president of NAIC and director of Missouri Insurance.

"His sound judgment and expertise will be a valuable asset to the proceedings of FSOC as they review systemic risk in the financial sector."

Hartt succeeds Adam Hamm, North Dakota Insurance Commissioner, when his term expires in September.

Hartt commented: "I am honoured to have been selected by my fellow regulators to represent state-based insurance regulation.

"I assume this role with great respect for what Commissioner Hamm and Director Huff accomplished in their terms. I look forward to working with the other financial regulators to promote a stable insurance marketplace and protect the broader financial sector."

Hamm added: "It has been a privilege to represent the insurance regulatory system on FSOC.

"Peter has demonstrated leadership on a variety of issues that are important to the work of the council both here in the U.S. and internationally. I am confident he will be a conscientious and effective advocate for state regulation – a system that has served policyholders and the insurance market for 145 years."