Pomeroy Approached As ACLI’s Search For A New President Continues
The name of Rep. Earl Pomeroy, D-N.D., surfaced last week as a candidate to be the next president of the American Council of Life Insurers, but his office said he is not under consideration.
A press representative for Pomeroy told National Underwriter that the Congressman was approached regarding the position.
She says he is flattered by the interest, which is probably due to his expertise about the insurance industry.
However, she says, Pomeroy is not under consideration for any position.
Pomeroy is one of the few members of Congress with genuine expertise about the business of insurance.
He is a former insurance commissioner from North Dakota and served as president of the National Association of Insurance Commissioners.
ACLI issued a statement saying the Councils search committee has retained an outside firm to help identify and interview potential candidates.
The firm and the executive search committee have interviewed, and are continuing to interview, potential candidates, ACLI says. But the committees activities are strictly confidential, according to ACLI, and the group will not discuss those activities or comment on the search process in any way.
It was during Pomeroy’s tenure that NAIC adopted its solvency policing agenda and insurance department accreditation program.
After entering Congress, Pomeroy was a primary developer of a special caucus focusing on retirement security issues.
Regarding the issue of retirement security, the life insurance industry is looking to the National Summit on Retirement Savings to continue the momentum towards enhanced retirement savings efforts.
In an interview, Ward Armstrong, president of American Express Retirement Services, which is a member of ACLI, said he hopes to see increased public education about the need for workers to save for their retirements.
Many of the tools needed to enhance retirement savings were enacted into law last year, Armstrong says.
These include increasing the contribution limits for 401(k) plans, allowing catch-up contributions and enhancing portability.
Many of these important changes, Armstrong says, emerged from the first summit, which occurred in June 1998.