Wednesday, September 27, 2017

Financial Stability Oversight Council Insurance Member Continuity Legislation Signed Into Law

American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following statement today:

Washington, D.C. (September 27, 2017) — “ACLI and its member companies welcome the signing into law of the Financial Stability Oversight Council Insurance Member Continuity Act. On a bipartisan basis, Congress showed overwhelming support for this measure. 

“The legislation ensures that the term of the only voting member with specific insurance expertise on the Financial Stability Oversight Council (FSOC) will be extended for up to 18 months in the event that a replacement has not been nominated and confirmed. It provides a valuable contingency plan, similar to what exists for most of the other voting members of the FSOC. Now there is protection against an unintended vacancy of the independent voting member with insurance expertise.

“ACLI thanks the administration for its support and thanks Sens. Mike Crapo (R-Idaho) and Sherrod Brown (D-Ohio) and Reps. Randy Hultgren (R-Ill.) and Maxine Waters (D-Calif.) for their congressional leadership on this issue.”

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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.

Date Posted: September 27, 2017
Document ID: NR17-061
Contact: David Nielsen, 202-624-2419