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Federal Advisory Committee on Insurance Appointed

The U.S. Department of the Treasury today announced the appointment of 21 individuals to serve as members of the Federal Advisory Committee on Insurance (FACI).

FACI provides advice to the Federal Insurance Office (FIO) on issues related to the responsibilities and authorities of the office.

“The Committee members are recognized leaders and represent much of the vast diversity within the U.S. insurance sector,” said Michael McRaith, director of the FIO. “We are excited to receive the benefit of their expertise and perspective on the many important issues in which Treasury’s Federal Insurance Office is involved.”

FIO, which was established within Treasury as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, monitors all aspects of the insurance sector, including identifying 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 traditionally underserved populations; advises the Secretary of the Treasury on major domestic insurance policy issues; and develops and coordinates federal policy on prudential aspects of international insurance matters.

Treasury has increased FACI membership from 15 to 21 members to provide more representation of the broad diversity within the insurance sector. The members of the FACI represent state insurance regulators and other stakeholders, with backgrounds ranging from consumer advocacy and academia to the business of insurance.

The 21 individuals appointed today to the Federal Advisory Committee on Insurance include:

• Gary Bhojwani, chairman of Allianz Life Insurance Company of North America;
• Birny Birnbaum, executive director, Center for Economic Justice;
• Elizabeth Brown, professor, Georgia State University;
• Michael Consedine, commissioner, Pennsylvania Insurance Department;
• Brenda Cude, professor, University of Georgia;
• Jacqueline Cunningham, commissioner, Virginia Bureau of Insurance;
• John Franchini, superintendent, New Mexico Office of the Superintendent of Insurance;
• Loretta Fuller, CEO & CFO, Insurance Solutions Associates;
• Nicholas Gerhart, commissioner, Iowa Insurance Division;
• Daniel Glaser, president & CEO, Marsh & McLennan Companies (Chair of the Committee);
• Mark Grier, vice chairman, Prudential Financial, Inc.;
• David Herzog, EVP & CFO, American International Group, Inc.;
• George Keiser, representative, North Dakota House of Representatives;
• James Kelleher, EVP & chief legal officer, Liberty Mutual Insurance;
• Scott Kipper, commissioner, Nevada Division of Insurance;
• Benjamin Lawsky, superintendent, New York Department of Financial Services;
• Theodore Mathas, chairman, president & CEO, New York Life Insurance Company;
• Sean McGovern, chief risk officer & general counsel, Lloyd’s of London;
• Julie McPeak, commissioner, Tennessee Department of Commerce and Insurance;
• Franklin (Tad) Montross, chairman, president & CEO, General Re Corporation;
• Theodore Nickel,commissioner, Wisconsin Office of the Commissioner of Insurance

FACI was first formed in August 2011. In the first two years, members met regularly in open session to address a variety of important national and international insurance matters. The committee’s next meeting will be held on August 7.

Source: FIO