ACLI Commends Senate for Passing Legislation Preserving Independent Insurance Expert on Financial Stability Oversight Council

WASHINGTON, Sept. 20 -- The American Council of Life Insurers issued the following news release:

The American Council of Life Insurers (ACLI) applauds the Senate for passing the Financial Stability Oversight Council Insurance Member Continuity Act/H.R. 3110. The legislation ensures that the term of the only voting member with specific insurance expertise on the Financial Stability Oversight Council (FSOC) be extended for up to 18 months in the event that a replacement has not been nominated and confirmed. ACLI thanks Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio) for their leadership on this issue.

"This bill makes a modest clarification to the law to protect against an unintended vacancy of the independent member with insurance expertise. It provides a valuable contingency plan, similar to what exists for most of the other voting members of the FSOC," said ACLI President and CEO Dirk Kempthorne.