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.
“State regulators are uniquely positioned on the front lines of financial regulation and offer critically important perspective, expertise and regulatory data necessary to assess systemic risk,” said Jane L. Cline, NAIC President and West Virginia Insurance Commissioner, in commenting on the letter. “The council would benefit tremendously from the shared insights and knowledge of regulators who work vigorously each day to maintain an effective financial structure.”