The National Association of Insurance Commissioners (NAIC) has appointed Adam Hamm, NAIC president and North Dakota insurance commissioner, to a two-year term as the state insurance commissioner representative on the Financial Stability Oversight Council (FSOC).
In this role, Hamm will represent the interests of the nation’s state insurance regulators on the council.
Hamm replaces Missouri Insurance Director John Huff, who is stepping down after serving two terms as the state insurance commissioner representative on FSOC. Hamm's selection was ratified in an NAIC plenary meeting.
“As NAIC President, [Hamm] has demonstrated leadership on a variety of issues that are important to the work of the council both here in the US and internationally,” said Huff
“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.”
The FSOC is a fifteen-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.
