Oklahoma Governor Frank Keating, a Republican, will become the next president of the American Council of Life Insurers.
The ACLI, based in Washington, says that Keating will assume the office in January of 2003, when his term as governor expires.
Keatings appointment as ACLI president had been widely rumored for several weeks (See National Underwriter, March 25, page 34).
“We are truly fortunate that Frank Keating has agreed to take the helm at ACLI, says Joe Gasper, ACLIs chairman.
“Frank Keating is a strong leader with rich experience in state government, federal government and executive management,” Gasper says.
Keating says he is flattered that ACLI has put its faith in him to lead the organization.
He says that the life insurance industry is dedicated to helping Americans achieve financial and retirement security and that the industry contributes significantly to the American economy.
“So in many ways, I see my new role at ACLI as an extension of my career in public service,” Keating says.
According to Keatings official biography, the 58-year-old governor is a former special agent for the FBI.
After serving in law enforcement and federal government positions during the Reagan administration and the first Bush administration, Keating was elected governor of Oklahoma in November of 1994.
He was reelected in 1998. His biography does not list any specific experience in the life insurance business.
He does cite reform of Oklahomas workers compensation system as one of his major accomplishments.
In addition, he has twice supported legislation, which was eventually enacted, to cut the state personal income tax rate.
Moreover, the state is now studying ways to completely overhaul the Oklahoma tax system, including a proposal to eliminate the personal income tax.
A representative of the National Association of Insurance and Financial Advisors, Falls Church, Va., says NAIFA is looking forward to meeting and working with Keating.
NAIFA, the representative says, hopes to further the already excellent relationship between NAIFA and ACLI.
In other news, ACLI is praising the Internal Revenue Service for regulations it recently issued on distribution rules for retirement plans.
The regulations, which were published in the April 17 issue of the Federal Register, involve, among other things, notification requirements for individual retirement account trustees reporting the required minimum distributions to IRA owners.