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FSOC Member: Some Colleagues Do Not Understand Insurance

As the U.S. Financial Stability Oversight Council run sup again a deadline to make a decisions on the appealed designation of Prudential Insurance as a systemically important financial institution, one member of the group says some of his colleagues don't seem to understand how insurance works.

By Elizabeth D. Festa | Updated on August 26, 2013

As the U.S. Financial Stability Oversight Council runs up again a deadline to make a decisions on the appealed designation of Prudential Insurance as a systemically important financial institution, one member of the group says some of his colleagues don’t seem to understand how insurance works.

Missouri Insurance Director John Huff, one of five nonvoting FSOC members, said during the Summer Meeting of the National Association of Insurance Commissioners (NAIC) that “some of my fellow FSOC members may not understand the insurance industry.”

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