Washington, D.C. (September 5, 2017) — The American Council of Life Insurers (ACLI) applauds the House for passing the Financial Stability Oversight Council Insurance Member Continuity Act (H.R. 3110) and commends the bill’s sponsors, Reps. Randy Hultgren (R-Ill.) and Maxine Waters (D-Calif.) for their leadership on this issue.
The legislation ensures that the only voting member with specific insurance expertise on the Financial Stability Oversight Council (FSOC) serves for up to 18 months in the event that a replacement has not been nominated and confirmed.
“This bill protects against an unintended vacancy of the independent member with insurance expertise by providing a contingency plan that is comparable to what is already in place for most of the other voting members of FSOC,” said ACLI President and CEO Dirk Kempthorne.
Senators Mike Crapo (R-Idaho) and Sherrod Brown (D-Ohio) introduced companion legislation, S. 1463. ACLI urges the Senate to pass this bill and for the final legislation to be sent to the president without delay.
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 290 member companies operating in the United States and abroad. ACLI advocates in state, federal, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing 95 percent of industry assets in the United States. Learn more at www.acli.com.