Treasury seeks Federal Advisory Committee on Insurance members
Reprints
WASHINGTON—The Treasury Department is seeking members to serve on a new Federal Advisory Committee on Insurance.
The Treasury announced its intention to create the new body on Monday. It said establishing the committee is one of several steps it is taking to establish the new Federal Insurance Office created by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Illinois Insurance Director Michael McRaith has been chosen to head FIO.
According to the Treasury, the committee will provide insurance advice to the department and FIO. “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,” said the Treasury in its announcement.
Half of the committee’s membership will be reserved for state insurance regulators. The Treasury said the other members “will represent a diverse range of perspectives from, for example, the property and casualty insurance industry, the life insurance industry, the reinsurance industry, the agent and broker community, public advocates, and academia.” The committee will have no more than 15 members, none of whom can be a federally registered lobbyist.
The Treasury has sent a notice establishing the committee—including a call for applications for membership—to the Federal Register, which should publish the notice soon.
Read Next
-
Oversight panel still needs insurance expertise: Rep. Frank
WASHINGTON—An influential congressman wants the new Financial Stability Oversight Council to postpone any decisions regarding the insurance industry until insurance industry representatives have been appointed to the panel.
