Washington, D.C. (September 20, 2017) — The American Council of Life Insurers (ACLI) applauds the Senate for passing the Financial Stability Oversight Council Insurance Member Continuity Act/H.R. 3110. The legislation ensures that the term of the only voting member with specific insurance expertise on the Financial Stability Oversight Council (FSOC) be extended for up to 18 months in the event that a replacement has not been nominated and confirmed. ACLI thanks Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) for their leadership on this issue.

“This bill makes a modest clarification to the law to protect against an unintended vacancy of the independent member with insurance expertise. It provides a valuable contingency plan, similar to what exists for most of the other voting members of the FSOC,” said ACLI President and CEO Dirk Kempthorne.

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

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