NAIC Supports the Primary Regulators of Insurance Vote Act (PRIVA)

The National Association of Insurance Commissioners (NAIC) supports the Primary Regulators of Insurance Vote Act of 2019 (S. 1298/H.R. 2479). This proposed legislation would provide full voting participation for the state insurance regulator who serves on the Financial Stability Oversight Council (FSOC). As the primary regulators of the insurance sector in the U.S., state insurance regulators have the necessary expertise and access to information to inform FSOC's risk monitoring work and help identify any systemic risks that could impact the industry and consumers. Importantly, state insurance regulators are the only regulators who can take action across the insurance sector to address any risks the Council may identify or other relevant regulatory concerns that may arise. An enhanced role for state insurance regulators is increasingly important as FSOC moves to an activities-based approach to address systemic risk.