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Dec. 5, 2019

NAIC Supports FSOC Adoption of Activities-Based Approach to Systemic Risk

The guidance issued by the Financial Stability Oversight Council (FSOC) appropriately prioritizes activities-based approaches to identifying systemic risk and the importance of working with regulators to address concerns. It will also ensure a more robust exit-ramp for any designated firms and provides more transparency into the reasons for designation. The NAIC has long advocated for these changes and appreciates the revisions adopted by FSOC.

About the National Association of Insurance Commissioners

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.