The American Council of Life Insurers, the American Insurance Association and the Reinsurance Association of America are asking a new federal body tasked with mitigating systemic risk to go slow when it comes to implementing new rules mandated by the Dodd-Frank Act (DFA).
The Financial Stability Oversight Council (FSOC) is to be made up of 10 voting members—nine federal financial regulatory agencies and an independent member with insurance expertise. It is also supposed to have five nonvoting members, one of which will be the yet-to-be-named head of new Federal Insurance Office. In their letter, the associations say the FSOC should delay any rulemaking because both slots reserved for council members with insurance expertise remain vacant.
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