Federal Advisory Committee on Insurance To Hold First Meeting On March 30 in Washington, D.C.

The Federal Advisory Committee on Insurance (“FACI”) is scheduled to hold its first meeting in Washington D.C. on March 30, 2012 at 1:00 p.m. in the Cash Room of the U.S. Treasury.  To view the meeting notice, click here.

In this public meeting, FACI members will be introduced and briefed on applicable ethics standards, as well as the FACI Charter and Bylaws.  Along with scheduled discussion on topics of interest to the FACI and its related work, a report also will be given on the FIO’s work to date.

(The anticipated FIO report on modernizing insurance regulation has not yet been published, however, according to media reports, FIO Director Michael McRaith had canceled a speaking engagement on March 21, presumably because the report would not be ready by then.)

To view the March 30 FACI meeting notice, which outlines instructions on attending the meeting and submitting written comments, click here.  All submitted comments will be posted here.

About FACI

Established as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the FACI’s purpose is to focus on issues related to the responsibilities of the Treasury’s Federal Insurance Office (“FIO”), which is designed to monitor all aspects of the insurance industry, including identifying issues that could contribute to systemic risk in the insurance industry or the U.S. financial system.  

In recognition that states are the regulators of the U.S. insurance system, nearly half of the FACI is composed of state insurance regulators.  The remaining FACI members will bring a diverse set of perspectives on the insurance industry, with backgrounds ranging from consumer advocacy and academia to the business of insurance lines.

The 15 FACI members are:

• 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

“These individuals have tremendous knowledge about the insurance industry and a wide cross-section of experience,” Director McRaith said.  “I’m pleased that they will be offering their valuable expertise as the Federal Insurance Office continues moving forward with its critical work.”

Part of the FIO’s mission is to assesses the availability and affordability of insurance to traditionally underserved populations, advise the Secretary of the Treasury on major domestic insurance policy issues, and develop and coordinate federal policy on international insurance regulatory matters.