The U.S Department of the Treasury announced today the appointment of 15 individuals to the Federal Advisory Committee on Insurance. This committee will provide advice to the Treasury’s Federal Insurance Office (“FIO”) created by The Dodd-Frank Wall Street Reform and Consumer Protection Act. The FIO was created to monitor all aspects of the insurance industry, from identifying issues contributing to systemic risk in the insurance industry and the U.S. financial system, to assessing the availability and affordability of insurance to traditionally underserved populations. The Treasury’s FIO also will advise the Secretary of the Treasury on major domestic insurance policy issues and to help coordinate federal policy on international insurance regulatory matters.
In appointing the Federal Advisory Committee members, the Treasury recognized that the U.S. insurance system is still regulated by the State. As a result, nearly half of the Committee is comprised of insurance regulators. The remaining members cut a wide swath across the U.S. insurance spectrum “…ranging from consumer advocacy and academia to the business of personal lines.” Here is the complete list of Federal Advisory Committee members:
David Birnbaum, Economist and Executive Director, Center for Economic Justice
Michael Consedine, Commissioner, Commonwealth of the Pennsylvania Department of Insurance
Jacqueline Cunningham, Commissioner, State of Virginia Bureau of Insurance
John Degnan, Senior Advisor to the CEO of the Chubb Corporation
Brian Duperreault, President and Chief Executive Officer, Marsh & McLennan Companies
Loretta Fuller, Chief Executive Officer, Insurance Solutions Associates
Scott E. Harrington, Alan B. Miller Professor in the Health Care Management and Insurance and Risk Management departments at the Wharton School, University of Pennsylvania
Benjamin Lawsky, Superintendent of Financial Services, State of New York
Thomas Leonardi, Commissioner of the Connecticut Department of Insurance
Monica Lindeen, State of Montana Commissioner of Securities and Insurance and State Auditor
Christopher Mansfield, Senior Vice President and General Counsel, Liberty Mutual Group
Sean McGovern, Director and General Counsel, Lloyd’s North America
Theresa Miller, Administrator, State of Oregon Insurance Division
Michael E. Sproule, Executive Vice President and Chief Financial Officer, New York Life Insurance Co.
Bill White, Commissioner, District of Columbia Department of Insurance
