Primary Regulators of Insurance Vote Act of 2025
The Primary Regulators of Insurance Vote Act of 2025 would change the Financial Stability Act of 2010 to add the State insurance commissioner as a voting member of the Financial Stability Oversight Council (FSOC). The President would appoint a State insurance commissioner with Senate confirmation, following a nomination process that encourages input from the National Association of Insurance Commissioners (NAIC). If NAIC fails to provide a timely list, the President may appoint a member without NAIC input. The newly appointed state regulator would serve a 4-year term. The bill also reorganizes vacancies, making state-designated successors nonvoting until confirmed, and ultimately repeals the current provision that designates the State insurance commissioner as a nonvoting member. It includes a transitional period and several technical amendments to align the statute with this new structure. In short, this bill would give state insurance regulators a formal, voting role in FSOC, altering how insurance-systemic risk is assessed and addressed at the federal level, and it would change appointment, vacancy, and definitional provisions to reflect that new role.
Key Points
- 1Adds a State insurance commissioner as a voting member of the Financial Stability Oversight Council (FSOC).
- 2Appointment process: President appoints with Senate advice and consent, after obtaining a recommended list from the States via the National Association of Insurance Commissioners (NAIC); if NAIC fails to provide a list within 15 business days, the President may appoint without NAIC input.
- 3Term length: The State insurance commissioner serving on FSOC would serve a 4-year term.
- 4Vacancy rules: Vacancies would be filled by a State insurance commissioner designated by the State regulators, who would serve as a nonvoting member until a successor is appointed and confirmed; the Federal Vacancy Reform Act would not apply to this vacancy.
- 5Repeal and transition: The existing nonvoting status for the State insurance commissioner on FSOC would be repealed; a transitional period governs the changeover from enactment to appointment; minor technical/clarifying amendments to the Financial Stability Act are included.