President Obama has nominated former Kentucky Insurance Commissioner Roy Woodall to serve as the insurance rep on the Financial Stability Oversight Council (FSOC).

Insurance industry leaders have been pusing the President to fill the post. Several insurance insiders have commended the President's nominee..

Property Casualty Insurers Association of America (PCI) President/CEO David Sampson said, “We are pleased that the Department of Treasury has listened to the calls from the insurance sector and congressional leaders from both sides of the aisle to fill this critically important position. [Woodall] brings extensive experience in the insurance sector and an understanding of the state insurance regulatory system.”

Leigh Ann Pusey, president/CEO of the American Insurance Association, said, “Woodall also has an intimate working knowledge of our industry and will be a strong voice in helping inform the other FSOC members on the distinctions between the property and 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."

Woodall was Kentucky insurance commissioner from 1966 to 1967. He recently retired as senior insurance policy analyst at the Treasury Department. Woodall served as president of the National Association of Life Companies (NALC), and he was also insurance consultant for the Congressional Research Service from 2001 to 2002.

National Association of Mutual Insurance Companies Senior VP of Federal and POlitical Affairs Jimi Grande commented, “As a former Treasury official and state insurance regulator, [Woodall] understands the role of insurance in the economy and is well aware that mutual [P&C] insurance companies did not contribute to the economic crisis or pose an ongoing risk to economic stability. With this knowledge, [Woodall] will help focus the designation process for systemically important financial institutions [SIFI] on those companies who, through their participation in high-risk activities, pose a true risk to the American economy.”

Woodall must be confirm by the Senate before taking the FSOC position.