"State insurance regulators will be well-served by Eric, whose expertise makes him an excellent selection to continue the NAIC's tradition of providing thoughtful insight to FSOC's proceedings," said Julie Mix McPeak, NAIC President and Tennessee Commissioner of Commerce and Insurance. "Given the importance of FSOC's work in protecting the financial sector from systemic risk we are fortunate to have someone of Eric's caliber willing to take on this responsibility."
Cioppa will replace Peter L. Hartt, Director of New Jersey's Insurance Division whose term expired Sept. 17.
"I'd like to express our gratitude to Peter for his service to U.S. insurance regulation throughout the past two years," added McPeak. "Thanks to his efforts participating on the council, the understanding of the insurance business model and state regulatory framework has significantly increased."
Cioppa's selection was ratified by the NAIC Plenary on Sept. 10.
"The potential for systemic risk in the insurance sector is such a departure from other financial products, requiring specialized expertise to identify, and - if necessary - mitigate," said Cioppa. "My predecessors have done an excellent job educating the other FSOC members to enhance their understanding of these significant differences. I look forward to working with council members and continuing that important work."
FSOC is a 15-member body comprised of the nation's chief financial regulators. The council was created by the Dodd-Frank Wall Street Protection and Consumer Protection Act in 2010 to monitor the stability of the nation's financial system, identify risks to the system and coordinate a response to any systemic threats.