Earlier this week the United States Treasury Department (the “Treasury”) announced the appointments of 15 individuals to serve as members of the Federal Advisory Committee on Insurance (the “Committee”). The Committee serves as an advisory council to the Federal Insurance Office (“FIO”), which was established as part of the Treasury under the Dodd-Frank Act. The FIO monitors activity in the insurance industry, including, amongst other things, systemic risks.
FIO Director Michael McRaith lauded the 15 appointees as individuals that “have tremendous knowledge about the insurance industry and a wide cross-section of experience.” In recognition of the lead role that states play in regulating insurance, seven Committee members are state insurance regulators.
The following are the individuals that were appointed:
- David Birnbaum, Economist and Executive Director, Center for Economic Justice
- Michael Consedine, Commissioner, Commonwealth of the 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.
- Bill White, Commissioner, District of Columbia Department of Insurance