22 September 2014Law & regulation

NAIC president appointed to FSOC

Adam Hamm, the National Association of Insurance Commissioners (NAIC) president and North Dakota insurance commissioner, has been appointed to a two-year term as the state insurance commissioner representative on the Financial Stability Oversight Council (FSOC).

In this role, Hamm will represent the interests of the nation’s state insurance regulators on the council.

Hamm replaces Missouri insurance director John Huff, who is stepping down after serving two terms as the state insurance commissioner representative on FSOC.

“It has been a great honour to serve on behalf of my fellow state insurance regulators on FSOC,” said Huff. “As NAIC president, Adam has demonstrated leadership on a variety of issues that are important to the work of the council both here in the US and internationally. I am confident he will be a conscientious and thoughtful advocate for state regulation — a system that has served policyholders and the insurance market exceptionally well.”

Hamm said: “I am honoured to have been selected by my fellow regulators to represent our system of regulation. I will assume this role with great respect for the work of director Huff and I look forward to working with the other financial regulators as we take the next steps to promote a stable insurance marketplace and protect the broader financial sector.”