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FSOC's Proposed Change to Non-Bank Designation Guidance

Statement from NAIC President and FSOC Member Eric Cioppa, Superintendent, Maine Bureau of Insurance

"I'm pleased with the announcement of FSOC today. I am generally supportive of this proposal and look forward to the reactions of my insurance regulator colleagues. The most appropriate approach to addressing risks to financial stability is for FSOC to work in conjunction with existing regulators to identify those risks, especially in the non-bank sectors. Mitigation is best handled by the regulators with authorities to address them in the first instance."

About the NAIC

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit www.naic.org.

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