New Jersey Director Hartt Appointed to Represent State Regulators at FSOC
August 30, 2016 by Frank Klimko
SAN DIEGO – The National Association of Insurance Commissioners 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.
Hartt succeeds Adam Hamm, North Dakota’s insurance commissioner, who served for one term on the federal body which oversees the safety of the nation’s economy.
On the FSOC, Hamm presented a voice for state regulators and dissented from some of the council’s decisions to designate larger insurers as systemically important financial institutions.
“Peter has demonstrated leadership on a variety of issues that are important to the work of the council both here in the U.S. and internationally,” Hamm said.
Hamm, a past NAIC president, announced last year that he would not run for a third full term in 2016. His term will end Jan. 31 (Best’s News Service, Dec. 16, 2015).
Hartt was named acting commissioner of the New Jersey Department of Banking and Insurance in 2015, serving until Commissioner Richard Badolato assumed his post. Hartt has served in various posts in the Insurance Division and was confirmed as Insurance Division Director by the New Jersey State Senate in December 2014. As director, Hartt oversees a staff of more than 300 in six operating units: Solvency Regulation; Consumer Protection; Property and Casualty; Life and Health; Captive Insurance and the Bureau of Fraud Deterrence.
The FSOC is a 15-member body made up 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 provide oversight of the nation’s financial system. FSOC has the power to identify insurers whose failures might be a risk.
After MetLife Inc. successfully sued to remove its SIFI designation this year, the remaining two insurers so designated are American International Group Inc. and Prudential Financial Inc.
(By Frank Klimko, Washington correspondent, BestWeek: Frank.Klimko@ambest.com)
