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

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

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

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

Ben McKay, senior vice president of federal government relations for the Property Casualty Insurers Association of America, says, “Mr. Woodall brings extensive experience in the insurance sector and a deep understanding of the state-insurance regulatory system.”

Charles Chamness, president and CEO of the National Association of Mutual Insurance Companies, adds, “Given the potential impact that the FSOC can have on the insurance industry, it is absolutely vital that someone with a true understanding of the industry have an official say, and vote, in the Council’s decision making process.  Roy Woodall will bring that understanding of insurance to the FSOC.”

He notes, “As a former Treasury official and state-insurance regulator, Roy has the knowledge and expertise to ensure that the policies enacted by the FSOC account for the unique nature of property and casualty insurance. He recognizes that P&C insurers, and mutual P&C insurers especially, do not pose a systemic 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 as possible.”

Leigh Ann Pusey, president and CEO of the American Insurance Association, says Woodall “is a dedicated public servant who has devoted his professional career to the field of insurance and will fill a critical position serving as an important voice for the insurance industry on the FSOC.”

Charles Symington, senior vice president of government affairs of the Independent Insurance Agents and Brokers of America, says, “Woodall brings a wealth of knowledge about the insurance market through his years of work in the field and is a much-needed expert on the FSOC. We hope the full Senate acts quickly on his confirmation.”