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President Donald Trump has signed 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 in a 407-1 vote on Sept. 5.
The bill passed the Senate without amendment by unanimous consent on Sept. 19 and the president signed it Wednesday.
The American Council of Life Insurers applauded the signing and the bipartisan effort propelling the legislation to completion in a statement issued Wednesday.
“The legislation ensures that the term of the only voting member with specific insurance expertise on the Financial Stability Oversight Council will be extended for up to 18 months in the event that a replacement has not been nominated and confirmed,” ACLI President and CEO Dirk Kempthorne said in the statement. “It provides a valuable contingency plan, similar to what exists for most of the other voting members of the FSOC. Now there is protection against an unintended vacancy of the independent voting member with insurance expertise.”
The U.S. House of Representatives Financial Services Committee unanimously passed a bill that would allow the Financial Stability Oversight Council’s independent insurance expert to remain on the council after the end of his or her term if a successor has not been named.