The Treasury Department has named 21 individuals including state regulators, insurance executives, college professors and consumer advocates to serve as members of the Federal Advisory Committee on Insurance (FACI).
The FACI provides advice to the Federal Insurance Office (FIO), which was established within Treasury as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FIO is headed by Michael McRaith, former Illinois insurance commissioner.
The FIO monitors the insurance sector, helping to identify issues that could contribute to systemic risk in the insurance industry or the U.S. financial system. It also assesses the availability and affordability of insurance to underserved populations; advises the Treasury on major domestic insurance policy issues; and develops and coordinates federal policy on international insurance matters.
The FACI was first formed in August 2011 with 15 members. In the first two years, members met to address national and international insurance matters.
Treasury said it has increased FACI membership from 15 to 21 members to provide more representation of the diversity within the insurance sector.
In 2011, the National Conference of Insurance Legislators, a group of state lawmakers who serve on committees dealing with insurance, criticized the lack of state lawmakers on the committee. The new and expanded FACI roster includes one elected state legislator from North Dakota.
The 21 individuals appointed to the Federal Advisory Committee on Insurance on Friday are:
- Daniel Glaser, president and CEO, Marsh & McLennan Companies (Chair of the Committee)
- Gary Bhojwani, chairman, Allianz Life Insurance Company of North America
- Birny Birnbaum, executive director, Center for Economic Justice
- Elizabeth Brown, professor, Georgia State University
- Michael Consedine, Pennsylvania insurance commissioner
- Brenda Cude, professor, University of Georgia
- Jacqueline Cunningham, Virginia insurance commissioner
- John Franchini, New Mexico insurance superintendent
- Loretta Fuller, CEO, CFO, Insurance Solutions Associates
- Nicholas Gerhart, Iowa insurance commissioner
- Mark Grier, vice chairman, Prudential Financial, Inc.
- David Herzog, executive vice president, CFO, American International Group Inc.
- George Keiser, North Dakota House of Representatives
- James Kelleher, executive vice president, chief legal officer, Liberty Mutual Insurance
- Scott Kipper, Nevada insurance commissioner
- Benjamin Lawsky, superintendent, New York Department of Financial Services
- Theodore Mathas, chairman, president, CEO, New York Life Insurance Co.
- Sean McGovern, chief risk officer, general counsel, Lloyd’s of London
- Julie McPeak, Tennessee insurance commissioner
- Franklin (Tad) Montross, chairman, president and CEO, General Re Corp.
- Theodore Nickel, Wisconsin insurance commissioner
FACI’s next meeting will occur on August 7. At this meeting, FACI members will discuss the committee’s renewed charter, bylaws, topics of interest for the future attention, the FIO’s report on insurance modernization, and international developments.