Posted: 6/24/2011

NAMIC Responds to Nomination of Woodall to FSOC

WASHINGTON (June 24, 2011) The National Association of Mutual Insurance Companies released the following statement from Jimi Grande, senior vice president of federal and political affairs, on the nomination of S. Roy Woodall to the Financial Stability Oversight Council.

“NAMIC congratulates Mr. Woodall on his nomination and looks forward to working with him in his new role. His wealth of insurance experience will provide FSOC with the necessary perspective it needs as it seeks to regulate systemic risks to the nation’s economy. As a former Treasury official and state insurance regulator, Mr. Woodall understands the role of insurance in the economy, and is well aware that mutual property/casualty insurance companies did not contribute to the economic crisis or pose an ongoing risk to economic stability. With this knowledge, Mr. Woodall will help focus the designation process for Systemically Important Financial Institutions on those companies who, through their participation in high-risk activities, pose a true risk to the American economy.”

For further information, contact
Matt Brady
Director of Media Relations
(202) 580-6742 Tel
mbrady@namic.org