WASHINGTON (September 27, 2011) The National Association of Mutual Insurance Companies (NAMIC) applauds the Senate for last night's swift confirmation of Roy Woodall as the Financial Services Oversight Council Voting Member with Insurance Expertise.
"Given the enormous potential impact that FSOC policies could have on the property/casualty insurance industry, Roy Woodall's confirmation by the Senate comes not a moment too soon," said Charles M. Chamness, president and CEO of NAMIC. "Because the process of identifying 'Systemically Important Financial Institutions' has already begun, Mr. Woodall's voice needs to be heard at the FSOC table."
Woodall is a former president of the National Association of Life Companies and has worked at the Treasury Department in both the George W. Bush and Obama administrations as an expert on insurance-related issues. Among his tasks at Treasury was overseeing terrorism-risk-insurance issues, and he has also been a consultant on insurance issues with the Congressional Research Service.
"Mr. Woodall's background gives him a firm understanding of the role of insurance in the U.S. economy as well as the fact that property/casualty insurance lacked a role in the financial crisis," Chamness said. "His knowledge and expertise will help the FSOC avoid policies that would distort the free insurance market and potentially increase costs for consumers.
"Throughout the confirmation process, Mr. Woodall has rightly observed that property/casualty insurers do not pose a systemic risk to the economy, and NAMIC is pleased that he is now able to bring that message to the FSOC as a voting member."
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