Frank Keating, the one-time Republican governor of Oklahoma, will depart his post as CEO and president of the American Council of Life Insurers. And the ACLI has started a search to find his successor.

“ACLI leadership has established a search committee to identify candidates to replace Gov. Frank Keating,— ACLI spokesman Jack Dolan said in a statement.

Keating, who has served as head of the life insurer trade group since 2003, has a contract with the group that expires February 2011.

The association is expected to go through a more formal search process, hiring a headhunting firm, following a member-company CEO effort, according to a source close to the industry.

North Dakota Democratic Rep. Earl Pomeroy, who was a former state insurance commissioner, and former Sen. Bob Kerrey (D-Neb.) have both been under consideration for the position, according to industry sources.

“They certainly are highly qualified individuals who will be considered by the search committee,— Dolan said.