The publication is reproduced in full below:
THE PRIMARY REGULATORS OF INSURANCE VOTE ACT
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HON. JOHN GARAMENDI
of california
in the house of representatives
Tuesday, May 11, 2021
Mr. GARAMENDI. Madam Speaker, today I introduce the Primary Regulators of Insurance Vote Act with Rep. Barry Loudermilk, Rep. Roger Williams, and Rep. Alexander X. Mooney as the original cosponsors.
The Primary Regulators of Insurance Vote Act would add a dedicated voting seat for state insurance commissioners on the federal Financial Stability Oversight Council (FSOC), established under the 2010 Dodd-
Frank law in response to the global financial crisis and the Great Recession. This bipartisan bill would ensure that the expertise of the nation's primary insurance regulators, state commissioners, has equal weight in the FSOC's decision-making and risk monitoring activities, which directly impact the national insurance industry and market for hundreds of millions of American consumers.
With this bill, we will better protect consumers by ensuring that the impact insurance companies have on our financial stability is sufficiently monitored at the national level. As former State Insurance Commissioner of California, I know the frontline role that state regulators can have in holding insurance companies accountable. Unlike other financial sectors, insurance markets are largely regulated at the state level. Our bill will ensure that the state officials leading that effort have a full and equal voice at the national level to ensure stability, fairness, and accountability in our financial system and the insurance industry nationwide.
I am joined in this effort by the National Association of Insurance Commissioners (NAIC), American Property Casualty Insurance Association, National Association of Mutual Insurance Companies, Insured Retirement Institute, Reinsurance Association of America, and American Council of Life Insurers which have endorsed the legislation.
Madam Speaker, I urge all Members to join me in cosponsoring the
``Primary Regulators of Insurance Vote Act to ensure that the state officials leading the effort to regulate insurance markets have a full and equal voice at the national level to ensure stability, fairness, and accountability in our financial system and the insurance industry nationwide.
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SOURCE: Congressional Record Vol. 167, No. 81
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