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."
Specifically, Huff referred to the arguments the FSOC used in its analysis of AIG–such as a possible run on the company and the loss of confidence in the insurance sector should one insurer fail–as a "very bank-centric approach."
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