WASHINGTON BUREAU — Missouri Insurance Director John Huff will be the National Association of Insurance Commissioners representative to the new Financial Stability Oversight Council.
The Dodd-Frank Wall Street Reform and Consumer Protection Act gave the NAIC, Kansas City, Mo., the authority to name a non-voting member to the new council. The council will be responsible for monitoring financial institutions that could pose a risk to the financial system.
NAIC began the selection process for the post in late August.
Huff will serve a two-year term. He will be one of three FSOC members with insurance expertise. The others will be the director of the new Federal Insurance Office and another individual with insurance expertise.