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Member, Beacon International Group, Ltd.
WASHINGTON—An insurance expert should be named to the Financial Stability Oversight Council “quite soon,” a Treasury Department official said Tuesday.
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that a voting member with insurance expertise be named to the body, which will determine whether nonbank financial institutions, such as insurers, present systemic risk to the economy and are subject to heightened regulation.
Insurers and lawmakers alike have expressed frustration over the fact that the position remains vacant nearly nine months after the financial services regulatory reform law took effect.
The concerns have been heightened by the FSOC starting consideration of actions that could affect insurers without the voting member’s input, although two nonvoting members with insurance backgrounds have been named to the panel.
Although Neal Wolin, deputy Treasury secretary and a former Hartford Financial Services Group executive, did not mention the vacancy directly during a Tuesday address in Washington regarding implementation of the law, he dealt with the issue briefly during a question-and-answer period.
He said the insurance expert voting member should be named “quite soon,” but did not elaborate.
WASHINGTON—Tuesday’s election results mean there will be changes at the top of the U.S. House panel that has jurisdiction over insurance matters.