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Treasury Creates Federal Advisory Committee on Insurance

Posted on 10 May 2011

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The Treasury Department announced that its creating a new Federal Advisory Committee on Insurance, and is seeking members.

Establishing the committee is one of several steps the Treasury is taking to set up the new Federal Insurance Office (FIO), which was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The Obama Administration had appointed Illinois Insurance Director Michael McRaith to the head 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.