WASHINGTON – Today, the U.S. Department of the Treasury announced its intention to create a Federal Advisory Committee on Insurance. 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.
The Committee will provide advice to the FIO and the Treasury Department, including to the FIO Director in the Director’s role as a member of the Financial Stability Oversight Council (FSOC). 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.
Recognizing the important role of state insurance regulators, half of the Committee’s membership has been reserved for state and tribal insurance regulators. The remaining members of the Committee 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.
A Notice of Establishment of the Federal Advisory Committee on Insurance has been delivered to the Federal Register. The Notice seeks applications for membership on the Committee. The application period will be open for 15 days from the date of publication in the Federal Register.
A copy of the Notice of Establishment of the Federal Advisory Committee on Insurance can be found here.