The Dodd-Frank financial services modernization law mandates creating the Financial Stability Oversight Council (FSOC). The law also mandates three insurance representatives sit on the Council but only one with voting power.
The Senate confirmed Roy Woodall to be the independent member of the FSOC with insurance expertise and voting power. He will serve a six-year term.
Two non-voting insurance representatives on the FSOC are Missouri Insurance Director John Huff, representing the National Association of Insurance Commissioners (NAIC) and Michael McRaith, Director of the new Federal Insurance Office.
The insurance licensing information provided on this blog is not legal advice and the reader is advised to consult an attorney regarding application of this information in any particular situation.
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