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Member, Beacon International Group, Ltd.
NEW YORK—The Risk & Insurance Management Society Inc. would like to be represented on the Treasury Department’s new Federal Advisory Committee on Insurance.
Treasury announced creation of the panel on Monday, saying it will provide advice regarding insurance to the department and the new Federal Insurance Office, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“Through the committee, the FIO and the Treasury will benefit from the deep knowledge and regulatory experience of state insurance regulators, as well as the perspective of industry experts, academics and other stakeholders and affected constituencies,” Treasury said in its announcement.
Half of the committee, which can have up to 15 members, will consist of state insurance regulators and officials, with the rest chosen from applicants responding to a notice to be published in the Federal Register.
New York-based RIMS welcomes the committee, said John Phelps, RIMS board liaison to the external affairs committee.
“We think it’s important that the FIO get off to a good start including the requisite expertise needed to form and guide it. We think it’s a positive step, but we also believe that the commercial policyholder should be represented on that committee as well,” said Mr. Phelps. “After all, that’s the voice of the customer.”
“As we continue to understand how they’re developing the FIO, we would pursue having a RIMS member on that committee,” he said.
WASHINGTON—The Treasury Department is seeking members to serve on a new Federal Advisory Committee on Insurance.