Reps. Dennis Ross, R-Fla., vice chairman of the House Financial Services Subcommittee on Housing and Insurance and Denny Heck, D-Wash., introduced a bill April 27 to elevate the role of a state insurance commissioner in a decision-making body created by the Dodd-Frank Act of 2010. The bipartisan legislation, H.R. 5666, the “Primary Regulators of Insurance Vote Act of 2018,” would make the current state insurance commissioner serving on the Financial Stability Oversight Council a voting member.
The legislation requires the president to request recommendations from state insurance commissioners in determining who to appoint as the voting member of FSOC.
The FSOC currently has 10 voting members, as well as five non-voting members that include both a state insurance commissioner and the director of the Federal Insurance Office. The purpose of the office is to identify the risks to the financial stability of the U.S., promote market discipline, and respond to emerging threats to the stability of the U.S. financial system.
NAMIC expects the House Financial Services Committee to vote on the bill in early May and will be working to advance the legislation ahead of the markup.