[Congressional Record Volume 167, Number 81 (Tuesday, May 11, 2021)]
[Extensions of Remarks]
[Page E505]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              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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