NU Online News Service, Sept. 8, 1:20 p.m.EDT

The Senate Banking Committee today approved Roy Woodall to bethe independent member of the Financial Stability Oversight Council(FSOC) with insurance expertise and sent the nomination to the fullSenate for final approval.

Property and casualty industry trade-group officials voicedimmediate support and urged the full Senate to act quickly.

The nomination was approved by voice vote as part of a packageof nominees for various federal financial-regulatory posts.

Ben McKay, senior vice president of federal government relationsfor the Property Casualty Insurers Association of America, says,"Mr. Woodall brings extensive experience in the insurance sectorand a deep understanding of the state-insurance regulatorysystem."

Charles Chamness, president and CEO of the National Associationof Mutual Insurance Companies, adds, "Given the potential impactthat the FSOC can have on the insurance industry, it is absolutelyvital that someone with a true understanding of the industry havean official say, and vote, in the Council's decision makingprocess.  Roy Woodall will bring that understanding ofinsurance to the FSOC."

He notes, "As a former Treasury official and state-insuranceregulator, Roy has the knowledge and expertise to ensure that thepolicies enacted by the FSOC account for the unique nature ofproperty and casualty insurance. He recognizes that P&Cinsurers, and mutual P&C insurers especially, do not pose asystemic threat to the economy. Because work on identifying'Systemically Important Financial Institutions' has already begun,Roy's voice needs to be heard at the FSOC table as soon aspossible."

Leigh Ann Pusey, president and CEO of the American InsuranceAssociation, says Woodall "is a dedicated public servant who hasdevoted his professional career to the field of insurance and willfill a critical position serving as an important voice for theinsurance industry on the FSOC."

Charles Symington, senior vice president of government affairsof the Independent Insurance Agents and Brokers of America, says,"Woodall brings a wealth of knowledge about the insurance marketthrough his years of work in the field and is a much-needed experton the FSOC. We hope the full Senate acts quickly on hisconfirmation."