WASHINGTON — Nat Wienecke, senior vice president of federal government relations at the Property Casualty Insurers Association of America (PCI) issued the following statement applauding Representatives Dennis Ross (R-FL) and Denny Heck (D-WA) for introducing the “Primary Regulators of Insurance Vote Act of 2018.” This legislation would promote the state insurance commissioner representative on the Financial Stability Oversight Council (FSOC) from the current non-voting seat to a voting position.
“PCI applauds Representatives Ross and Heck for introducing this important bipartisan legislation.
“It makes sense that the FSOC member representing the state insurance regulatory system should have voting authority. FSOC oversees the entire financial system, including recognizing potential economic threats to the U.S. economy and by designating systemically important financial institutions. State insurance commissioners are the primary insurance regulators, having effectively protected consumers for nearly 160 years. The FSOC is heavily weighted toward banking regulators, and it needs the expertise of the primary insurance regulators if it is to consider insurers for possible systemic risk designations. Allowing state insurance regulators an active role and vote in the decision-making process will make FSOC more effective.
“PCI urges the House Financial Services Committee to consider the Primary Regulators of Insurance Vote Act of 2018 in an upcoming markup.”