From Insurance Journal:

Although the Financial Stability Oversight Council created by the Dodd–Frank Wall Street Reform Act could serve an incredibly useful purpose, FSOC’s activities so far have been misguided, an insurance regulator said last week.

Ted Nickel, president of the National Association Insurance Commissioners, took FSOC members to task for all the effort they have put into designating financial firms, including insurers, as systemically important financial institutions, or SIFIs. He spoke during a panel discussion at the Property/Casualty Insurance Joint Industry Forum on Jan. 17 in New York City.

Nickel, who is also Wisconsin’s commissioner of insurance, was one of the experts who discussed changes in insurance regulation on the horizon at the forum three days prior to the inauguration of Donald Trump as president. Nickel, together with Ian Adams, senior fellow with the R Street Institute, and Wall Street Journal Editor Leslie Scism also made predictions about the fate of the Federal Insurance Office and discussed a recently negotiated international agreement on reinsurance and insurance regulation between the European Union and the U.S.

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