Roy Woodall

  • 2002 - CRS - Optional Federal Chartering for Insurers: Major Interest Groups, S. Roy Woodall, Jr.,  Insurance Consultant (Government and Finance Division) - 6p
  •  - [PDF-35p, VIDEO-CSPAN (Title: Financial Agencies Nominations)
  • 2013 0613 - GOV (House) - The Impact of International Regulatory Standards on the Competitiveness on US Insurers - [PDF-164p
  • 2014 12 - Woodall / Hamm /  FSOC - re: MetLife Designation - Views of the Council’s Independent Member Having Insurance Expertise - 13p
  • 2015 0325 - GOV - FSOC Accountability Nonbank Designations CHRG-114shrg95892
    • [PDF-165p,  VIDEO-CSPAN]
    • (p127) - Roy Woodall and John Huff dissents on Prudential 
    • (p140) - Roy Woodall and Adam Hamm dissents on MetLife
  • 2015 1208 - GOV (House) - Oversight of the Financial Stability Oversight Council - [PDF-146p
  • (p12) - Mr. WOODALL.  Speaking from a retro type position, too, I think it emphasizes what he said, the fact that what triggered it was activities going on at financial products in the United States.

2013 0613 - GOV (House) - The Impact of International Regulatory Standards on the Competitiveness on US Insurers - [PDF-164p

2015 1208 - GOV (House) - Oversight of the Financial Stability Oversight Council - [PDF-146p

  • Mr. WOODALL. No, but I think you should put in the record—
  • Mr. GREEN. Okay. That should go in the records. I am going to take it from that comment, Mr. Woodall, that you joined the rest of your colleagues and let the record should show there is unanimous consent that you don’t have to be an insurance expert to sit in judgment of an insurance company.
  • *Mr. WOODALL. I am not sure what an insurance expert is.
  • Mr. GREEN. I am glad you said it, because some people have claimed that you are, so my assumption is that you don’t know what you are.
  • Mr. WOODALL. That is because it was put in the title of DoddFrank.

2014 12 - Woodall / Hamm /  FSOC - re: MetLife Designation - Views of the Council’s Independent Member Having Insurance Expertise - 13p

  • Woodall (FSOC Member with Insurance Expertise) - p1-6
  • Hamm (NAIC- ND) - p7-13
  •  Roy Woodall:  It is important to identify particular activities in order to encourage appropriate and further action that could lessen any company-specific threat to U.S. financial stability.
  • *Paraphrasing what one insurance thought leader once told me: “We should not tolerate any insurance company posing a threat to our financial system – pinpoint what makes them systemically risky and let’s fix them.”3
    • 3Therese M. Vaughan, Ph.D., Dean of the College of Business and Public Administration, Drake University, and former Iowa Insurance Commissioner, President and CEO of the National Association of Insurance Commissioners, International Association of Insurance Supervisors Executive Committee member, and Chair of the Joint Forum.>

2014 12 - Woodall / Hamm / FSOC - re: MetLife Designation - Views of the Council’s Independent Member Having Insurance Expertise - 13p

Only one voting member of the FSOC, Roy Woodall Jr., dissented from the FSOC’s final determination.29

  • Woodall contended that the FSOC’s asset liquidation transmission channel analysis relied on “implausible, contrived scenarios as well as failures to appreciate fundamental aspects of insurance and annuity products, and, importantly, State insurance  regulation.”30
  • Woodall argued that, although it is easy to presume a hypothetical total insolvency and designate MetLife under the First Determination Standard, the FSOC should have analyzed MetLife’s specific activities and explained how they contribute to systemic risk.31
  • Furthermore, Woodall argued that MetLife’s 2013 designation, by the Financial Stability Board (“FSB”), as a “global systemically important financial institution” (“G-SIFI”) was a driving force behind the FSOC’s designation.32
  • In essence, Woodall concluded that the FSOC was merely falling in line with the FSB, and that the FSOC never really critically and independently analyzed whether MetLife poses a threat to U.S. financial stability.33

2015 - LR - Review of Banking and Financial Law 34(2), 435-442. - 8p

Model Life Insurance Solicitation Regulation.

  • Management of our companies know as well as anyone could that the consumer is best served by a simple method to assist in selection of a product.
    • Complexity is of no help and can serve only to confuse the consumer.
  • Based upon these cost figures and a comprehensive review of your proposal, it was the unanimous opinion of the directors of NALC that it was time for us to say "Wait just a minute! This is insanity!"
  • The NALC was founded in 1955 as a direct result of a proposal being considered by the NAIC at that time, and supported by many large companies, that would have outlawed all "specialty" policies and  thereby put many smaller and more innovative companies out of business.
  • The criticism your report levels at the simplified net cost method centers on the fact that it does not reflect the time value of money.
    • This has never been disputed.
    • But when the consumer is so informed of the defects in any simplified method, perhaps that is all that you as regulators can or should do without risking the confusion of more complicated systems that leave the consumer worse off than he is today.

--  Comments on Behalf of the National Association of Life Companies <NALC> Presented by S. Roy Woodall, Jr., Executive Vice-President (p610)

1981-1, NAIC Proceedings

  •  - [PDF-35p, VIDEO-CSPAN (Title: Financial Agencies Nominations),
    • 12:15 - Ben Nelson (D-Nebraska) - Speaking for Roy Woodall for the nomination.
    • 23:15 - Roy Woodall (FSOC Insurance Expert Nominee)
    • Opening Statement of S. Roy Woodall
      • ....the National Association of Life Companies, which was merged in 1993 with the American Council of Life Insurers (ACLI).  Following the merger I served the ACLI as Managing Director/Issues and Chief Counsel, State Relations until my retirement in 1999.  
  • 1991 0613 - GOV - Insurance Competitive Pricing Act of 1991 - [PDF-237p - GooglePlay. No Video]
      • Roy Woodall - S. ROY WOODALL, JR., PRESIDENT, NATIONAL ASSOCIATION OF LIFE COS., ON BEHALF OF THE ALLIANCE OF AMERICAN INSURERS, AMERICAN COUNCIL OF LIFE INSURANCE <ACLI>, HEALTH INSURANCE ASSOCIATION OF AMERICA, NATIONAL ASSOCIATION OF INDEPENDENT INSURERS, NATIONAL ASSOCIATION OF MUTUAL INSURANCE COS., AND THE COALITION AGAINST FEDERAL REGULATION OF INSURANCE, ACCOMPANIED BY PATRICK J. CROWE, VICE PRESIDENT AND CHIEF ACTUARY, KENTUCKY FARM BUREAU MUTUAL INSURANCE CO.
        • McCarran-Ferguson,  Capital and Surplus Requirements, Banks vs Life Insurance,
  • 1966-2. NAIC Proceedings
    • (ix) - 
      • Woodall, S. Roy, Jr., Kentucky
        Appointed to Resolutions Committee ------------------------------- 285
        Elected Vice Chairman of Examinations Committee ----------------- 627
        Introduced-------------------------------------------------------- 279
        NAIC-FTC Resolution Subcom. Report ----------------------------- 606
    • (p285) - The Resolutions Committee shall be: Chairman, Frank Burch of Maryland, Dudley Guglielmo of Louisiana, Elmer V. Omholt of Montana, Walter G. Korlann of Oregon, Bob Haase of Wisconsin, and S. Roy Woodall, Jr., of Kentucky. 

    • (p605) - ADVERTISING OF INSURANCE (H) COMMITTEE
    • The Honorable S. Roy Woodall, Jr., of Kentucky presented the report of the NAIC-FTC Resolution (H1) Subcommittee for consideration by the parent Committee.
    • (p607) - Report of the Results Obtained from Questionnaire Forwarded to Individual Members of the NAIC by the (H1) Subcommittee - To Study NAIC-FTC Resolution
      • insurers or both?  ANSWERS:
        • 27 States answered that complaints were primarily involving LIFE INSURANCE CARRIERS.
        • 7 States answered that complaints were primarily involving LIFE and ACCIDENT and HEALTH carriers.
        • 6 States answered that complaints were primarily involving ACCIDENT AND HEALTH carriers ONLY.
        • 5 States answered that complaints were involving BOTH life and property companies.
        • 1 State answered that complaints involved LIFE, PROPERTY and ACCIDENT AND HEALTH COMPANIES.
        • 7 States answered that they had received NO complaints.
    • NAIC~FTC. Resolution adopted in 1963
    • (p627) - The Chairman of the Examinations Committee is Lee Kueckelhan; the Vice Chairman is Roy Woodall of Kentucky.
  • 1981-1, NAIC Proceedings 
    • (p591) - Life Insurance Disclosure (C3) Task Force - LIDS - Statement of S. Roy Woodall, Jr., Executive Vice President, The National Association of Life Companies
    • (p610-613) - Comments on Behalf of the National Association of Life Companies, Presented by: S. Roy Woodall, Jr., Executive Vice-President