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Senate bill allows insurance expert to stay on financial oversight council


The U.S. Senate has passed a bill to allow the independent insurance expert to remain on the Financial Stability Oversight Council after the end of his or her term if a successor has not yet been named.

H.R. 3110, the Financial Stability Oversight Council Insurance Member Continuity Act, was introduced in June to permit the independent insurance expert to remain on the council until 18 months after the date on which the term of service ends or the date on which a successor to the member is appointed and confirmed, whichever is earlier. The bill was unanimously adopted by the House Financial Services Committee in July. 

The full House approved a motion to suspend House rules and pass the legislation by a 407-1 vote on Sept. 5.

The bill passed the Senate without amendment by unanimous consent on Tuesday and it now heads to the president. A White House spokesperson could not be immediately reached for comment about whether the president will sign the bill. 

The American Council of Life Insurers applauded the Senate vote in a statement issued on Wednesday. 

“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,” ACLI President and CEO Dirk Kempthorne, said in the statement. 

“It is a modest, technical change that has strong bipartisan support so we are hopeful that the administration will sign,” a spokesman said in an emailed response to a question about whether the president is likely to sign the bill.