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

Washington, D.C. (November 30, 2017) — “ACLI and its member companies welcome the news of the White House’s intention to nominate Thomas Workman to become the independent voting member with insurance expertise on the Financial Stability Oversight Council (FSOC). He would replace Roy Woodall.    

“Thomas Workman will bring invaluable experience from his 17 years with the Life Insurance Council of New York, Inc. His insurance industry knowledge will prove vital to FSOC as it examines recommendations in the recent report on FSOC designations by the Treasury Department. No life insurer should be designated as systemically important. The report rightfully recognizes that designating insurers as systemic is not an effective or efficient approach for addressing potential risk to financial stability.

“The life insurance industry helps Americans prepare for their financial futures, while reducing pressure on government programs. Upon receiving the nomination, we urge the Senate to approve Thomas Workman so he can help ensure that FSOC’s decisions do not jeopardize our industry’s vital role as a private-sector safety net.”

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.