The National Association of Insurance Commissioners (“NAIC”) has selected Missouri Insurance Director John Huff as its representative on the new Financial Stability Oversight Council (the “FSOC”), which was created under the Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). For additional information on the Dodd-Frank Act, see our previous blog post here and an article authored by EAPD Attorneys Geoffrey Etherington and Nick Pearson here.
Huff will serve a two-year term and is one of three state regulators selected, all of whom are non-voting members of the FSOC. The other non-voting members represent state banking supervisors and state securities administrators. The FSOC is responsible for monitoring and regulating bank holding companies and certain nonbank financial institutions to prevent possible threats to the stability of the U.S. financial system.
Treasury Secretary Tim Geithner, Chairperson of the FSOC, has scheduled the first meeting for October 1, 2010. We will continue to follow these developments and other Dodd-Frank Act matters and post further updates at InsureReinsure.com.