Filed Under:Markets, Regulation/Legislation

Treasury Dept. Announces FACI Members Who Will Advise FIO

NU Online News Service, July 21, 3:01 p.m. EDT

Officials of Chubb and Liberty Mutual and consumer advocate Birny Birnbaum are among 15 people named today to the Treasury Department’s Federal Advisory Committee on Insurance.

An official at Lloyd’s was named the international representative.

Also among those named were seven insurance regulators: the commissioners of New York, Connecticut, Pennsylvania, the District of Columbia, Virginia, Montana and Oregon.

The committee will provide advice to the Treasury’s Federal Insurance Office, which was established as part of the Dodd-Frank financial services reform law, on issues related to the responsibilities of the office. 

Michael McRaith, FIO director, says “These individuals have tremendous knowledge about the insurance industry and a wide cross-section of experience.”

Leigh Ann Pusey, president and CEO of the American Insurance Association, says, “The newly appointed members of the Federal Advisory Committee on Insurance represent a good balance between private-sector and regulatory expertise.”

Property and casualty company representatives are Christopher Mansfield, senior vice president and general counsel of Liberty Mutual Group, Boston; and John Degnan, senior advisor to the CEO of the Chubb Corporation, Warren, N.J. and former chief operating officer of the company.

Property and casualty agent and broker representatives include Brian Duperreault, president and CEO of the Marsh & McLennan Companies, New York; and Loretta Fuller, CEO of Insurance Solutions Associates, Landover, Md.

Sean McGovern, a director and general counsel of Lloyd’s North America, is the international representative on the panel.

McGovern is based in London, but maintains an office in New York

Charles Landgraf, a partner at Dewey & LeBoeuf, in Washington, which represents Lloyd’s in the U.S., says “Sean McGovern brings exceptional qualifications and an important international perspective to the appointment.”

He adds, “With his 15 years of experience at Lloyd's and his position as the director of North America for 10 years as well as general counsel of Lloyd's, Sean has keen insight into the U.S. market and no one understands better the appropriately global nature of ultimate risk transfer.”

 Birnbaum, based in Austin, Texas, is an economist and executive director of the Center for Economic Justice.

Representing the life-insurance industry will be will be Michael E. Sproule, New York Life Insurance Company executive vice president and chief financial officer.

Also on the committee is Scott E. Harrington, a professor in the Health Care Management and Insurance and Risk Management departments at the Wharton School, University of Pennsylvania, Philadelphia.

Regulator representatives are Benjamin Lawsky, New York superintendent of Financial Services; Thomas Leonardi, Connecticut commissioner; Michael Consedine, Pennsylvania commissioner; Jacqueline Cunningham, Virginia commissioner; Bill White, District of Columbia commissioner; Monica Lindeen, Montana Commissioner of Securities and Insurance and State Auditor; and Theresa Miller, administrator of the Oregon Insurance Division.

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