The Property Casualty Insurers Association of America (PCI) applauded the Senate Banking, Housing and Urban Affairs Committee for unanimously approving the nomination of S. Roy Woodall to the Financial Stability Oversight Council (FSOC).
“We applaud the Senate Banking Committee for their strong support of Mr. Roy Woodall’s nomination to serve as the FSOC's insurance expert,” said Ben McKay, PCI's senior vice president of federal government relations. “Mr. Woodall brings extensive experience in the insurance sector and a deep understanding of the state insurance regulatory system.”
Two non-voting insurance representatives currently sit on the FSOC, including: Missouri Insurance Director John Huff as the representative of National Association of Insurance Commissioners (NAIC) and Michael McRaith, the new Federal Insurance Office (FIO) director. The insurance expert will be the final insurer representative and the only voting position of the three.
PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $180 billion in annual premium, 38.3 percent of the nation’s property casualty insurance. Member companies write 44.3 percent of the U.S. automobile insurance market, 31.6 percent of the homeowners market, 36.3 percent of the commercial property and liability market, and 42.6 percent of the private workers compensation market.