The National Association of Insurance Commissioners (NAIC) has appointed Peter L. Hartt, director of New Jersey’s Insurance Division, to a two-year term as the state insurance commissioner representative on the Financial Stability Oversight Council (FSOC). Hartt will represent the interests of the nation’s state insurance regulators on the council.
Hartt will replace North Dakota Insurance Commissioner Adam Hamm when his term expires in September.
Hartt’s selection was ratified in an NAIC Plenary meeting during the NAIC’s Summer 2016 National Meeting.
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. 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.
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