The Treasury Department has announced it will create a Federal Advisory Committee on Insurance. The committee will provide advice to the new Federal Insurance Office (FIO) and the Treasury Department, including to the FIO director who is a member of the Financial Stability Oversight Council (FSOC).
The Obama administration has named Illinois state insurance regulator Michael McRaith as FIO director.
Half of the committee’s membership has been reserved for state insurance regulators. The remaining members of the committee will represent the property/casualty insurance industry, the life insurance industry, the reinsurance industry, the agent and broker community, public advocates, and academia.
Treasury said this is one in a series of steps that Treasury is taking to establish the new Federal Insurance Office (FIO) created under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Blain Rethmeier, spokesman for the American Insurance Association, said the committee seems like a good idea. “Anything that brings more knowledge of insurance where there hasn’t been before is a good idea,” he said. “While we’re still reviewing the details of the committee, we’re pleased to see they will be seeking the industry’s participation.”
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