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Roy Woodall Confirmed as Financial Oversight Council's Insurance Expert

The industry and regulatory veteran takes a voting position in the body.

S. Roy Woodall has been confirmed as the insurance expert on the Financial Stability Oversight Council (FSOC), a body called for by the Dodd-Frank Act.

Three insurance representatives sit on the FSOC, including Missouri Insurance Director John Huff as the representative of National Association of Insurance Commissioners (NAIC), a non-voting member; Michael McRaith, the new Federal Insurance Office (FIO) director, a non-voting member; and Woodall as a voting member.

Woodall was the Senior Insurance Policy Analyst at the Department of the Treasury from 2002 to 2011. He has been a consultant to the Congressional Research Service; managing director for Issues and VP/chief counsel president for the American Council of Life Insurers (ACLI), president of the National Association of Life Companies; and Kentucky Commissioner of Insurance during the late 1960s.

In a statement, Leigh Ann Pusey, president and CEO of the American Insurance Association, said, “AIA and its member companies congratulate Mr. Woodall on his confirmation and thank the Senate for taking action on his nomination. Roy is uniquely qualified to serve in this position and the entire industry has been eager for him to begin in his official capacity.

"We look forward to Mr. Woodall being a strong voice in helping inform the other FSOC members on the distinctions between the property-casualty business model and other, bank-centric financial services. This will be especially critical as the FSOC deliberates on which non-bank financial firms it will designate as systemically important.”

For more industry thoughts on Woodall, see , posted when he was nominated in June.

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio

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