American Council of Life Insurers Issues Statement on Insurance Vote Act
The American Council of Life Insurers issued the following statement by President and CEO Dirk Kempthorne regarding the introduction of the Primary Regulators of Insurance Vote Act:
"The Primary Regulators of Insurance Vote Act of 2018 represents good public policy. It would wisely amend the Financial Stability Act of 2010 so that a state insurance commissioner can serve as a voting member of the Financial Stability Oversight Council (FSOC). The American Council of Life Insurers(ACLI) supports the bill.
"The FSOC would benefit greatly by having a state insurance commissioner as a voting member. ACLI strongly supported the nomination of Thomas Workman as the independent voting member with insurance expertise on the FSOC. Granting a state insurance commissioner a vote on FSOC would provide another informed and knowledgeable perspective.
"State regulators supervise life companies' solvency to ensure they can meet their commitments to policyholders. The life insurance industry helps Americans prepare for their financial futures, while reducing pressure on government programs.
"ACLI commends Reps. Dennis Ross (R-Fla.) and Denny Heck (D-Wash.) for their leadership on this issue. We urge the House to pass this important legislation."