Maine’s insurance chief named to Financial Stability Oversight Council

Eric A. Cioppa has been appointed to a two-year term as the Financial Stability Oversight Council’s (FSOC) state insurance commissioner representative.

Eric A. Cioppa

Officials said Cioppa, who serves as superintendent of the Maine Bureau of Insurance and also president-elect of the National Association of Insurance Commissioners (NAIC), will represent the interests of the nation’s state insurance regulators on the council.

“State insurance regulators will be well-served by Eric, whose expertise makes him an excellent selection to continue the NAIC’s tradition of providing thoughtful insight to FSOC’s proceedings,” Julie Mix McPeak, NAIC president and Tennessee commissioner of Commerce and Insurance, said. “Given the importance of FSOC’s work in protecting the financial sector from systemic risk we are fortunate to have someone of Eric’s caliber willing to take on this responsibility.”

Cioppa, whose selection was ratified by the NAIC Plenary earlier this month, replaces Peter L. Hartt, director of New Jersey’s Insurance Division.

“The potential for systemic risk in the insurance sector is such a departure from other financial products, requiring specialized expertise to identify, and, if necessary, mitigate,” Cioppa said. “My predecessors have done an excellent job educating the other FSOC members to enhance their understanding of these significant differences. I look forward to working with council members and continuing that important work.”

FSOC officials said the organization is a 15-member body comprised of the nation’s chief financial regulators, charged with the responsibility of monitoring the stability of the nation’s financial system, identifying risks to the system and coordinating a response to any systemic threats.