On 2 November 2011 the U.S. Department of Treasury announced the appointment of 15 persons to positions on the Federal Advisory Committee on Insurance (the “FACI”). The FACI will provide advice, recommendations, analysis and information directly to the Federal Insurance Office (the “FIO”). The FACI is comprised largely of state insurance regulators, but also includes members from varying backgrounds including members currently working in the business of insurance as well as academia and consumer advocacy.
The 15 individuals appointed to the FACI include the following:
- David Birnbaum, Economist and Executive Director, Center for Economic Justice;
- Michael Consedine, Commissioner, Commonwealth of 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.; and
- Bill White, Commissioner, District of Columbia Department of Insurance.
The FIO was created under Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The primary responsibility of the FIO is to monitor the insurance industry and identify issues or gaps in current insurance regulation that could contribute to a systemic crisis in the insurance industry or the U.S. financial system. Among its other functions, the FIO is tasked with making recommendations to the Financial Stability Oversight Council regarding insurance companies that should be designated as systemically important financial institutions and thus could be subject to supervision by the Board of Governors of the Federal Reserve System and could have prudential standards imposed in accordance with Title I of the Dodd-Frank Act. The FIO also coordinates U.S. federal efforts on, and develops policy regarding, international insurance matters.