The National Association of Insurance Commissioners (NAIC) has appointed Peter Hartt, director of the New Jersey insurance division, as the new state insurance commissioner representative on the Financial Stability Oversight Council (FSOC).
Throughout a two-year term in the role, effective from September, Hartt will represent New Jersey regarding the interests of insurance regulators on the FSOC, a 15-member body comprised of chief financial regulators in the US.
John Huff, NAIC president and Missouri insurance director, commented: "The NAIC and state insurance regulators will be well-served through the selection of Peter Hartt. His sound judgment and expertise will be a valuable asset to the proceedings of FSOC as they review systemic risk in the financial sector."
Huff served as the state insurance commissioner representative on FSOC for two terms.
Hartt will replace the North Dakota insurance commissioner Adam Hamm when his term expires in September.
Hartt said: "I am honoured to have been selected by my fellow regulators to represent state-based insurance regulation. I assume this role with great respect for what commissioner Adam Hamm and director John Huff accomplished in their terms.”
He added: “I look forward to working with the other financial regulators to promote a stable insurance marketplace and protect the broader financial sector."
