The American Council of Life Insurers is voicing strong support for the nomination of Roy Woodall as the independent member with insurance expertise to the Financial Stability Oversight Council.
At the same time, it is unclear whether the process to put Woodall on the FSOC will be completed before September, given the few legislative days remaining this summer.
In a statement, Dirk Kempthorne, ACLI president and CEO, said, “I am looking forward to working with Mr. Woodall. He is a very capable insurance professional who will serve well on the FSOC board.”
IRI President and CEO Cathy Weatherford agreed.
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“IRI is very supportive of Roy Woodall’s nomination to the Financial Stability Oversight Council,” she said. “I have personally known Roy for more than 25 years and hold him in the highest regard. Roy is a consummate professional and has unmatched expertise regarding the insurance industry.”
Insurance industry officials have been pushing for appointment of an independent member with insurance expertise to the FSOC because the new agency will have authority to designate an insurer as “systemically significant” under the Dodd-Frank financial services reform law.
That would allow federal regulators (in addition to state regulators) to examine an insurance firm. It would also give federal regulators the authority to impose higher capital standards on a systematically important financial institution or “SiFi.”