The National Association of Insurance Commissioners (NAIC) has appointed Adam Hamm, the president of the NAIC and the insurance commissioner of North Dakota, to a two year term as the state insurance commissioner representative on the Financial Stability Oversight Council (FSOC). In this role, Commissioner Hamm will represent the interests of the nation’s state insurance regulators on the council.
Commissioner Hamm replaces Missouri Insurance Director John M. Huff, who is stepping down after serving two terms as the state insurance commissioner representative on the FSOC. Commissioner Hamm’s selection was ratified in an NAIC plenary meeting.
“It has been a great honor to serve on behalf of my fellow state insurance regulators on FSOC,” said Director Huff. “As NAIC President, Adam has demonstrated leadership on a variety of issues that are important to the work of the council both here in the U.S. and internationally. I am confident he will be a conscientious and thoughtful advocate for state regulation – a system that has served policyholders and the insurance market exceptionally well.”
“I am honored to have been selected by my fellow regulators to represent our system of regulation,” said Commissioner Hamm. “I will assume this role with great respect for the work of Director Huff and I look forward to working with the other financial regulators as we take the next steps to promote a stable insurance marketplace and protect the broader financial sector.”
The FSOC is a 15 member body comprised of the nation’s chief financial regulators. The council was created by the Dodd-Frank Wall Street Protection and Consumer Protection Act in 2010 to monitor the safety and stability of the nation’s financial system, identify risks to the system, and coordinate a response to any threats. The council has the authority to identify financial firms, financial market utilities and systemic payment, clearing, or settlement activities whose failure could potentially pose a risk to the financial system.