The National Association of Insurance Commissioners has joined other regulatory groups to supports an amendment to S. 3217, the Restoring American Financial Stability Act, that would give state regulators non-voting membership on a proposed financial authority.
The letter was signed jointly by officials of the NAIC, the Conference of State Bank Supervisors and the North American Securities Administrators Association.
The proposal for a Financial Stability Oversight Council, contained in Senate Amendment 375, would supervise risks in the banking, insurance and securities industries.