Roy Woodall, the independent insurance expert on the Financial Stability Oversight Council (FSOC), spoke critically of the FSOC's approach to its review of insurance companies as systemically risky, saying it does not provide the necessary direction, clarity or transparency to stakeholders.
Woodall, speaking before a National Association of Insurance Commissioners (NAIC) committee dealing with financial stability matters Sunday in Washington, said the FSOC missed an opportunity to identify any risky or unwanted activities that could have helped stability efforts of insurance regulators both domestically and internationally.
Woodall was joined by FSOC non-voting member, Missouri Insurance Director John Huff, who also outlined concerns regarding the council.
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