The insurance industry's interests on the Financial Stability Oversight Council (FSOC) are "inadequately represented" because of the council's policies, the National Association of Insurance Commissioners (NAIC) told a congressional panel. 
The Treasury Department has taken "a very narrow and, in my opinion and the NAIC's opinion, incorrect view" of the provision establishing the FSOC in the Dodd-Frank law, John Huff, director of insurance in Missouri and a non-voting member of the FSOC, said in testimony before the Oversight and Investigations Subcommittee of the House Financial Services Committee.
Specifically, he said he has been restricted from consulting with his fellow state insurance regulators on matters before the FSOC. He contended that the restrictions contradict "congressional intent and the deference accorded to state insurance regulators in the explicit language" of Dodd-Frank itself.
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